Leo's Still Fit, Says Mgm
MGM may lack the roar it once had as one of Hollywood's top studios, but at the age of 85, it is still healthy, according to an audit released by the studio on Wednesday. In a statement, the studio observed that the audit showed that it was in "full compliance with all of its debt covenants." Nevertheless, analysts observed that without a major recent hit and none apparent in its immediate future, the studio remains struggling under the weight of heavy debt, most of which was incurred by the investor group that bought it in 2004. The studio is currently trying to raise funds to issue a 23rd James Bond movie and to co-finance with Warner Bros. two Hobbit movies that are said to be budgeted at more than $200 million each. Another potentially strong feature about the Three Stooges recently suffered a major setback when one of the three stars, Sean Penn, pulled out.