Stig Östlund

onsdag, november 03, 2010

MGM files for bankruptcy‏

Metro-Goldwyn-Mayer, once Hollywood's most powerful studio, has filed for bankruptcy protection after it could no longer pay down its crippling debt or make and release new movies.
The filing, made Wednesday morning, comes after MGM's leading creditors struck a deal with corporate raider Carl Icahn, who had amassed nearly 20% of the company's debt and was previously pushing for a merger between MGM and Lions Gate.
Instead, Icahn agreed to support a plan under which the chief executives of film production and finance company Spyglass Entertainment will run MGM once it exits Chapter 11 bankruptcy, which could occur as soon as one month. /Los Angeles Times

Bloggarkiv