BUSINESS
04/16/2009 05:12 am ET Updated May 25, 2011

MGM Mirage's Kerkorian May Offer Up Casinos To Avoid Default

March 16 (Bloomberg) -- MGM Mirage, seeking to modify lending terms on its unsecured debt and avoid default as gambling activity withers, is in talks with banks to pledge casinos as loan collateral, a person with knowledge of the discussions said.

The Las Vegas-based casino company, controlled by 91-year- old investor Kirk Kerkorian, said it is also open to selling more assets. Analysts have suggested other options, including handing over a property directly to bondholders to eliminate some debt.

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