MGM Mirage ( MGM) is in talks with banks to pledge casinos as loan collateral as it seeks to modify lending terms on its unsecured debt and avoid default, Bloomberg reports, citing a person with knowledge of the discussions.

Evercore Partners has been hired to help MGM Mirage restructure its debt, the report said.

The casino company, owned by billionair investor Kirk Kerkorian, also said it is open to selling more assets, according to Bloomberg.

"Talks with our financial partners are ongoing," MGM Mirage said in an e-mailed response to questions from Bloomberg. "We're evaluating every possible option and, as we've said before, we will explore all serious and credible possibilities."

MGM Mirage, the largest casino owner on the Las Vegas Strip, delayed its annual report earlier this month and said a plunge in earnings could cause a breach of its $7 billion senior credit facility, allowing banks to accelerate payment and trigger defaults. Auditors are likely to include "going concern" language in the company's filing with the Securities and Exchange Commission, which is due Tuesday, Bloomberg reports..

An MGM Mirage spokesman declined further comment, Bloomberg reports.

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