Icahn and Oaktree Want to Push MGM Mirage (MGM) Into Bankruptcy

In a follow-up to earlier headlines, the Wall Street Journal is reporting that activist investor Carl Icahn and private-equity fund Oaktree Capital Management, both bondholders, want MGM Mirage (NYSE: MGM) to restructure its massive debt load by going into bankruptcy.

Icahn and Oaktree contacted MGM Mirage last month to express their views that bankruptcy is the best option.

Shares of MGM Mirage are down 11.7% in after-hours trading on the news. Rival Las Vegas Sands (NYSE: LVS) fell 4%.

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