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The current plan is to replace some of the movie company's top executives. Creditors have spoken to former Yahoo executive Terry Semel and former News Corp. executive Peter Chernin, though the WSJ reports that Chernin is not interested in running MGM. No decision has been made on much of anything, it appears. From the Journal:
Creditors believe that a partner with expertise in the entertainment industry can help MGM produce a new slate of movies that could then breathe new life into its film library-its most valuable asset. MGM told creditors it needs $1 billion in fresh capital for new films, but the lenders haven't signed on to that proposal and are still mulling how much new money the studio needs. A strategic partner wouldn't necessarily provide new money, people familiar with the matter said.
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.