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MGM creditors will be asked to approve a restructuring and pre-packaged bankruptcy plan for the studio within the next week or two, Bloomberg reports. This follows Spyglass chiefs Roger Birnbaum and Gary Barber’s signing non-binding letters of intent on Wednesday to become MGM co-chairmen/CEOs. So this next step of a pre-packaged bankruptcy proceeding has been expected for months. It would convert debt to equity and remove the $4 billion debt which has crippled the studio so that it can start generating films again. According to Bloomberg, Birnbaum and Barber would receive 5% of the merged company for their film library, valued at $100M.
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It’s too bad LionsGate couldn’t work out a deal like Spyglass was able to do as it would have been great for LGF but at least this means The Hobbit, Bond and maybe Robocop are finally going to get made.
if it means mgm can finaly end the night mare and thrive again like finaly getting the hobbit funded. i hope the plan gets approval and this night mare of mgm ends. enough is enough. they need to either be reborn or just die and let their holdings be sold to others who will know what to do with them and make money .