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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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