MGM looks at the debt picture

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The movie business has become the latest casualty of the credit crunch and is struggling to raise funds to make films. MGM has retained Goldman Sachs to explore options for dealing with its $3.7 billion (£2 billion) of debt.

Jeff Pryor, a spokesman for the studio, said that an initial public offering of stock is one of several alternatives MGM is considering.

"We don't know right now because that's what Goldman is doing," Pryor said. "They haven't given us alternatives yet."

The comments came amid reports that MGM had hired Goldman Sachs to look into a possible sale.

However, Pryor said it had enough financing to meet its needs and that its privateequity owners were pleased with the company's momentum.