MGM Mirage Escapes the Claws of Carl Icahn & Oaktree Capital

May 13th, 2009
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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; Brett Icahn; Bruce Karsh; Carl Icahn; Howard S. Marks; Keith A. Meister*; Kirk Kerkorian; Larry Keele; Richard Masson; Steve Kaplan
Related Entities: High River Limited Partnership; Icahn Partners; Icahn & Co Inc; Icahn Associates; Icahn Enterprises (formerly American Real Estate Partners); Icahn Fund Ltd; Icahn Partners LP; MGM Mirage (NYSE: MGM); OakTree Distressed Opportunities; Oaktree Emerging Market Fund; Oaktree Japan Opportunities Fund; Oaktree US Convertibles; Tracinda Corp
Related Article Tags: Shareholder Activists, Corporate Raiders and Proxy Battles

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