MGM Mirage cancels bankruptcy warning

24 June 2009

MGM Mirage has announced that there is no longer 'substantial doubt about its ability to continue as a going concern' after recent efforts to negotiate with lenders and trim the company's massive debts. The 'going concern' warning surfaced in the company's annual report March 17, which became the basis of a lawsuit by Dubai World, MGM Mirage's business partner in CityCenter. While MGM Mirage has averted the immediate threat of Chapter 11 bankruptcy, some critics warn that the company's debts, $14.4bn as of March 2009, may be unsustainable.

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