BY LAUREN A. E. SCHUKER AND MIKE SPECTOR
The attempted auction of debt-laden film studio Metro-Goldwyn-Mayer Inc. limped toward a close as only a few bids were expected by the Friday deadline.
Though six companies had been considering bids, about half now appear likely to drop out of the process. The three companies still weighing offers are expected to make bids in the range of $1.2 billion to $1.5 billion, well below the nearly $4 billion that MGM owes its bank lenders.
MGM's creditors, which put the studio on the block in November, had been girding for the possibility of a "busted auction." If the bids fall too ...
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