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MGM deferring payments

October 02, 2009|Times Wire Reports

Metro-Goldwyn-Mayer Inc., seeking to restructure $3.7 billion in bank loans, said lenders had agreed to let the studio skip interest payments until Dec. 15.

Los Angeles-based MGM, owner of a 4,100-title film library, was acquired for $5 billion in 2005 by a group led by investment firms Providence Equity Partners Inc. and TPG. Providence, based in Providence, R.I., has a 29% stake, while TPG has 21%. Sony Corp. and Comcast Corp., which each own 20%, have written off their investments in the company.

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