MGM sets January 15th deadline for interested bidders

Metro-Goldwyn-Mayer Inc., the film studio burdened by about $4 billion in debt, set a Jan. 15 deadline for potential buyers to say whether they are interested in acquiring the company, reports Business Week.

A dozen parties, including film studios and investment groups, have signed non-disclosure agreements allowing them to examine MGM�s finances, said a person familiar with the process, who declined to be identified because talks are confidential. The person wouldn�t name the interested parties.

MGM, home to the James Bond movies, put itself up for sale last month. Creditors of the Los Angeles-based studio hope get at least $2 billion from a single buyer or sell assets separately, people with knowledge of the situation said in November.

The Jan. 31 expiration of a forbearance on interest payments remains in place, the person said.

A Metro-Goldwyn-Mayer spokesperson had no immediate comment

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