MGM-Pathe Auctioned to Credit Lyonnais: The crippled movie studio MGM and its parent company, Pathe Communications Corp., were auctioned to Credit Lyonnais, their largest creditor, for $483.5 million. There were no other bidders at the foreclosure sale, the culmination of a long legal and financial battle between the French state-owned bank and the former MGM-Pathe owner, Italian financier Giancarlo Parretti.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World