16 Sep 2010

The Neverendig Saga - MGM granted a new payment extension

The Old Lion sat there, staring in the distance and lost in it's thoughts. And so it is told that MGM was granted a new extension for the repayment of debts. Seven times more time was asked, seven times more time was granted. Seasons had come and gone, once more Summer became Autumn, with no sign of an ending in the ' You'll never see our money' saga. October 29, 2010 is the 'new' pay day...but let's be honest, repayment of MGM's huge debts will most likely never happen. This Old Lion is expected to slowly make it's way to a bankruptcy court, unless a credible plan to restructure the Studio is presented. Last week Spyglass Entrainment signed, sealed, and delivered a letter of Intent to take over MGM, and lenders have now until the end of October to approve of this plan. What about The Hobbit movie , then ? In the past week we had once more heard of a possible January 2011 date for filming to start, but we still not know 'officially' who will helm the project although Peter Jackson seem to be in charge, for now at least. If at this point you can hear The Neverending Story's tune playing in your head, be reassured you are not alone.