MGM Mirage Escapes the Claws of Carl Icahn & Oaktree Capital
| May 13th, 2009 | ||
| MGM Mirage revealed its strategy for avoiding bankruptcy today when it announced that it would raise $1.5 billion from a bond sale and $1 billion from a stock offering to help pay down its sizable debts. MGM’s majority owner, Kirk Kerkorian’s Tracinda Corporation, has pledged to purchase 10% or $100 million of the new stock offering. Carl Icahn as well as private equity firm Oaktree Capital Management have both acquired significant portions of MGM’s outstanding debt. It has been suspected that Icahn wants to leverage his debt stake to negotiate a deal for some of MGM’s top properties. The recent moves may keep Icahn away, for now… | ||
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For Detailed Investor Profiles on these Investors, click below: |
Icahn Associates (Carl Icahn) |
Tracinda Corporation |
OakTree Capital Management |
Related People: Alexander J. Denner;
Related Entities: High River Limited Partnership;
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles
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