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Credit Lyonnais Reaffirms MGM Support: Jean Peyrelevade, who became chairman of the French bank late last year, said after a visit to the Santa Monica studio that the bank is committed to its current plan of rebuilding MGM before selling it. Banking laws require Credit Lyonnais to sell the studio, which it acquired after former owner Giancarlo Parretti defaulted on loans, by 1997. The statement is being viewed in Hollywood as another attempt by the bank to quash frequent rumors that it is about to sell the studio.
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