Metro-Goldwyn-Mayer gets another reprieve - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

Metro-Goldwyn-Mayer gets another reprieve

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LOS ANGELES (AP) — Struggling movie studio Metro-Goldwyn-Mayer Inc. says it has gotten another agreement from its creditors to delay taking action for its failure to make payments on its debt as it seeks a financial savior.

This time, the agreement to put off pushing the company into bankruptcy will last until Sept. 15, nearly a year since creditors first agreed to the waivers.

MGM, which owns half the rights to the upcoming "The Hobbit" movies, and helps make James Bond movies, owes about $4 billion to its creditors.

The agreement comes a day after rival Lions Gate Entertainment Corp. reportedly made a new proposal to the studio.

Lions Gate's renewed interest in MGM comes after it agreed on Friday with its main shareholder, Carl Icahn, to temporarily halt their fighting for 10 days and work together on acquisitions.

Copyright 2010 The Associated Press.

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