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Entries in debt (2)

Tuesday
Aug102010

MGM looms closer toward bankruptcy

MGM may go bankrupt by Sept. 15. That's what the internet is saying, at least. Purchasing bids have been too low, debt continues to mount, restructuring isn't fixing its problems, and its continued lack of capital has postponed projects like The Hobbit, Robocop, The Three Stooges, and the 23rd James Bond movie--all films that could make MGM money. The studio will file for bankruptcy or ask for a seventh extension on its debt, which exceeds $4 billion.

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Tuesday
Jul062010

Bond 23 is officially canceled due to troubles at MGM

This is not news I am happy to deliver. Over the holiday weekend, the 23rd Bond movie was axed at MGM, according to a report by Mirror.co.uk. This news comes just as its production company MGM attempts to get a historic sixth extension on its rumored $2.4 billion in debt. Bond 23 was postponed back in April due to financial problems at MGM, which co-funds the film. 

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