Now that the U.S. Bankruptcy Court for the Southern District of New York has approved MGM's reorganization plan, by mid-December, if all goes smoothly, the lean and mean MGM will have emerged from Chapter 11 bankruptcy, MGM's secured lenders will exchange some $5 billion (which includes accrued interest and fees) for most of the equity in MGM, JPMorgan Chase will have raised $500 million for operations funding, and Spyglass partners Gary Barber and Roger Birnbaum will take over the studio as co-chairman and chief executive officers of MGM Inc. That means they can start greenlighting movies and TV shows.
- By Anne Thompson
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- December 2, 2010 6:04 AM
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- 0 Comments
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