MGM gets yet another loan extension
Once again, reported by multiple sources, MGMs due date for debt has been extended. Todays September 15 has turned into tomorrows October 29, but that date will likely not matter either. The Hollywood reporter says:
As expected, more than 100 holders of almost $4 billion in MGM have agreed to a seventh debt forbearance agreement with the Century City-based studio. The Lion now has until Oct. 29 to pay lenders $250 million in principal and more than $450 million in owed interest.This may not mean more delays for The Hobbit as there seems to be a plan and leadership at work. As reported last week and updated in the L.A. Times blog:
But its likely the payments never will be made, as the struggling Lion is expected to creep into bankruptcy court before that with a plan for turning debt into lender equity.
MGM signed a nonbinding letter of intent with Spyglass founders Gary Barber and Roger Birnbaum to take over management of the Century City-based studio. That deal must be ratified by MGMs board of directors and more than 100 creditors, who are expected to swap their debt for equity as part of a prepackaged bankruptcy proceeding.
whait what?did you writte a post like Ian's comment is now different then the last 2450000 times?
will some here just start ignoring Ians ''news'' ? its over. its oveeeeeeeeeeeeeeeeeeeer
The makers of feature film The Hobbit to be shot in New Zealand next year have refused to engage performers on union-negotiated agreements.
Members of Canadian Actors Equity, US Actors Equity, the Screen Actors Guild, UK Actors Equity, the American Federation of Television and Radio Artists, the Media, Entertainment & Arts Alliance (Australia) and the Alliance of Canadian Cinema, Television and Radio Artists are advised not to accept work on this non-union production.
If you are contacted to be engaged on The Hobbit please notify your union immediately.


Exactly what is the difference between LOTR being made then and Hobbit being now ?
Where were these guys when LOTR was being made![]()
Peter Jackson has issued a swift and decisive statement in answer to recent suggestions by the IFA and affiliated actors unions that their members turn down parts in The Hobbit movie unless all New Zealand actors are allowed to bargain with the movie-makers collectively as a part of a union. Peter made the interesting point that this may be against current New Zealand law:
NZ law prohibits engaging in collective bargaining with any labour organisation representing performers who are independent contractors, as film actors clearly are. The NZ Commerce Act claims it would be unlawful to engage with an Australian Union on these matters.
More worrisome for Hobbit fans is his assertion that this may delay the making of The Hobbit even further and/or force the production to move to eastern Europe:
..the demands of MEAA cannot be agreed to, or even considered by law and therefore the only options that remain involve closing the Hobbit down, or more likely shifting the production to Europe. It could so easily happen. Ive been told that Disney are no longer bring movies to Australia because of their frustration with the MEAA.
The MEAA is the Media, Entertainment and Arts Alliance, or the actors union in Australia. The IFA and New Zealand Actors guild solicited the help of the Aussie organization in 2006 to help the unionization process of New Zealand actors. Keep reading to see the entire statement and be sure to join the discussion on our message boards.

t:But the union's claims were duplicitous and inaccurate and made by an organisation with no legal standing in New Zealand, South Pacific Pictures chief executive John Barnett said.
"The MEAA has been struck off the register (of NZ incorporated societies) for failing to file any reports in the last three years, which is one reason that the production company can't enter into any agreement with it.
