The founder and majority shareholder of MGM Mirage, Kirk Kerkorian, decided to sell the company. He is a 91-year-old billionaire, who believes that the Strip casino could fetch a bigger price on the auction block than the company’s casinos, which are in Detroit and Biloxi. The problem is that MGM Mirage has about $ 13.5 billion in dept and faces the deadline to pay it by May 15th.

Kerkorian, who also controls about 53% of the Strip casino giant, is convinced that selling the Mirage will save the company from a bankruptcy and from the invader Carl Icahn.
It was reported that Icahn bought millions of dollars worth of MGM Mirage’s corporate bonds.

MGM Mirage hired a new person to sort through the offers for Beau Rivage in Biloxi ad MGM Grand in Detroit. The guy who has this difficult assignment is Morgan Stanley. Analyzing the sale, they think that they could help the company by bringing up about $ 1.5 billion and stem some of its liquidity issues.

Barbara Cappaert, who is a KDP Investment Advisor analyst, explained that with Kirk Kerkorian they are looking to find a way to renew financial commitment from the current equity owner, which would help the current situation.

All together they are trying to evaluate all possibilities to save what is o save.