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Earlier this week, it was revealed that MGM was essentially going to be put on the auction block, bringing to an end nearly a century of films released under that banner. The studio has accumulated almost $4 billion-with-a-b in debt, and even though The Hobbit and James Bond might cut into that, both are two full years away and Metro can't even pay the interest on its debt.

It appeared likely, for a number of reasons, that the proceedings would take place this year, but Deadline Hollywood received word from the studio that it has been granted a reprieve:

"MGM said today its lenders have agreed to extend the forbearance until January 31, 2010. The lenders took this action in support of the Company’s ongoing efforts to develop and evaluate long-term strategic alternatives to maximize value for its stakeholders. MGM appreciates the continued support of its lender group for the process it is undertaking. MGM also said today it is beginning a process to explore various strategic alternatives including operating as a standalone entity, forming strategic partnerships and evaluating a potential sale of the Company."

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