Six months after Pathe Communications Corp. acquired it, the ailing MGM studio is back on the block.
Pathe has until Nov. 30 to sell 40 percent of the studio or lose controlling interest because of a mounting financial crisis.If no sale of the studio that gave the world "The Wizard of Oz" and "Gone With the Wind" is completed by the deadline, then 51 percent of MGM can be sold by the French bank that has advanced Pathe most of its credit.
Pathe bought MGM-UA in November for $1.36 billion.
The deal left the parent company short of money.
Most of Pathe's $600 million debt is owed to Credit Lyonnais.