MGM Mirage’s quest for $750 million in funds to refinance its debt has reached a dead end with one possible financier as Colony Capital LLC, a private equity firm, has broken off talks, according to a report.
Australian gambling company Crown, which had been reported to be a part of the talks, is also not in discussions, the Journal reported.
MGM currently has $13.5 billion in debt. Most recently it averted a possible bankruptcy for its major project, when it made a last minute $200 million payment for the project in late March.
The situation with Colony and MGM could change, Reuters reported, citing a source who asked not to be identified because the talks are private.