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Company Town Annex

January 04, 1994|From Times Staff and Wire Reports

Metro-Goldwyn-Mayer Restructuring Complete: The Santa Monica studio's financial revamping was first disclosed in July. The French bank Credit Lyonnais, which owns 98.5% of the studio, is shifting about $1 billion in debt off MGM's balance sheet. The restructuring, along with efforts to rebuild MGM's movie business, is aimed at making it more attractive to potential suitors. The bank took over the studio when former owner Giancarlo Parretti defaulted on loans, and, under U.S. banking law, must sell it by 1997.

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