Business

MGM to chat with creditors

As media giant Time Warner emerges as the lead bidder vying for Metro-Goldwyn-Mayer, the troubled movie studio is scheduled to hold a conference call this morning with its creditors that could determine the fate of the owner of the James Bond film franchise.

According to sources familiar with the matter, MGM CEO Steve Cooper during the call will give lenders who are owed $3.7 billion an update on the progress of the auction behind held to sell the studio.

MGM’s private-equity owners, which include Texas Pacific Group and Providence Equity Partners, are hoping they can reach an agreement to sell the studio, with an eye toward possibly filing for a prepackaged bankruptcy. Besides Time Warner, other suitors include Len Blavatnick’s Access Industries and Lionsgate Entertainment.

Time Warner’s reported $1.5 billion offer is said to be the highest of the lot.