MGM Mirage, based here, may default on its debt agreements, raising concerns the company may file for bankruptcy, the Detroit Free Press reported.
The company said in a regulatory filing that it may default on its debt as it develops its biggest development ever, the $8.6 billion CityCenter in Las Vegas.
MGM Mirage’s share price is at its lowest price since at least December 1989. The firm is working with lenders to avoid Chapter 11. The firm will delay filing its annual report until March 17. The report is to include an auditor’s assessment of whether it can continue as a company.
