The hunt for the new CEO of MGM has proved more difficult than originally thought.
Jonathan Dolgen, Peter Chernin and Bill Mechanic have all said they are not interested in leading the lion.MGM is struggling under the weight of $4 billion of debt. The owners have been unable to find a buyer for the studio and have instead settled for financial and management restructuring.
One-third of the debt now is held by Highland Capital and a handful of other lenders. Lenders holding two-thirds of the studio’s debt would have to approve any prepackaged bankruptcy.
With upcoming “Red Dawn” set for release in November and the horror thriller “Cabin in the Woods” slotted for January, no trailers have been shot, and it’s assumed both will be pushed to later release dates.