Just a few days ago, we told you that MGM was going to be put on the auction block, because the studio has accumulated almost $4 billion in debt, and they can’t even pay the interest.

It was reported that the legal proceedings would take place this year, if not in mere weeks but MGM has temporarily dodged a bullet and gotten another reprieve from its lenders, who have extended the deadline by which it must resume making interest payments on its $3.7 billion debt to Jan. 31.

Early in October, the lender group struck a similar agreement, under which MGM was allowed to skip interest payments due at the end of September, October and November. Its next interest payment would have been due on Dec. 15.

The new extension gives the studio some extra time to pursue other alternatives such as a sale.

In a statement, the beleaguered studio said Friday,

“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.”