Analyst Maps Path For MGM ‘Out of the Abyss’

MGM Mirage’s debt problems have been exercising the mind of Bill Lerner at Deutsche Bank and he has come up with what he calls a “map out of the abyss” for the debt-laden Las Vegas giant, including an ingenious three-cornered debt for assets exchange that could avoid MGM having to sell a property into a still steeply declining market.