Metro-Goldwyn-Mayer Inc.’s creditors, unsatisfied with proposals to buy or restructure the debt-laden film studio, have contacted Hollywood executives who may be willing to run it, people with knowledge of the situation told Bloomberg News.
Former News Corp. President Peter Chernin, ex-Viacom Inc. executive Jonathan Dolgen and the founders of Spyglass Entertainment met with lenders in recent weeks, said four people who declined to be identified because the talks are private.
Five creditors have amassed 51 percent of Los Angeles-based MGM’s $3.7 billion in bank debt and are seeking advice about managing the studio. Extended talks have been held with Spyglass founders Roger Birnbaum and Gary Barber, said one person. The Los Angeles-based company’s production credits include “Star Trek” and “G.I. Joe: The Rise of Cobra.”
Outside offers to buy or restructure the studio are on hold, as is a proposal to restructure under current management led by turnaround artist Stephen Cooper, said one person. Chernin has discussed overseeing the studio in a consulting role rather than running day-to-day operations, two people said. The executive, who stepped down as president and chief operating officer at News Corp. in June, oversaw the media company’s Los Angeles-based operations and has a production deal on the Twentieth Century Fox lot.
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