Casino operator MGM has announced plans to majorly restructure the organisation in response to large losses in earnings in recent times.

The MGM/UA Communications Company has been suffering a number of top-level resignations and public concern about the group’s future after a reported $50million earnings loss. The company has just announced plans for a sweeping restructuring, financed largely by the majority owner of the compaby, Kirk Kerkorian.

It has also declared that it will go ahead with a $200million rights offering to shareholders, meaning public stockholders would gain the right to purchase extra shares at a price yet to be confirmed. Mr. Kerkorian’s corporation currently holds 79 percent of MGM/UA’s shares, and would claim any not acquired under the rights plan.

MGM/UA's chairman and chief executive Stephen Silbert also told how the company will be seelign some undisclosed assets to repay the bank debt accumllated, which totals over $250million.