MGM scrambles to restructure (Update 1)

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Metro-Goldywn-Mayer, the Hollywood studio, is considering drastic measures including a debt for equity swap with the group’s 140 lenders as it works frantically to restructure its $3.7bn debt pile. MGM, owned by a consortium that includes TPG and Providence Equity Partners, has seen income slide from its film library, the biggest in Hollywood, and plans to produce new movies hit by a failure to raise new financing from third-party sources.