14 May 2010

MGM's Latest - 'The Lion Sleeps Tonight' (Again) MGM Granted An Other Extension

In the jungle, the mighty (financial) jungle the lion sleeps tonight ...again! No sign of any resolution any time soon as MGM just received its fifth extension since last year on repaying interest and principal on its $3.7-billion debt. What can I say that I have not said before ob this matter? Sadly its not looking good for The Hobbit movie which seem forevermore stuck in the limbo of pre-production and keeping a lot of people wondering what to do. The new deadline for the repayment of the debts is now July 14. A week ago, an other bidder for MGM, pulled out after its offer met no response from the studios. Sorry to be the bearer of these gloomy news hobbits, sadly it seem we are no where near seeing the end of the sad saga and no signs of Middle-Earth 'on a screen near you' anytime soon :(