MGM considering bankruptcy – MGM is owing about $3.7 billion in debt and put itself up for sale -none of the bids were even $2 billion so they may try to do a bankruptcy in order to then be sold.
This prepackaged bankruptcy process is really being abused. You fail, the banks should take you over and the owners lose the company and all the creditors split up what’s left with secured creditors first. This is turning into “screw the lender” and in many cases now, it’s us that own the banks via Geither’s “rescue”…
