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Bankruptcy

: Texas Lawyer Blog

MGM Files Pre-Packaged Bankruptcy

By mcbride

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Major movie company MGM has filed a pre-packaged bankruptcy in New York.  MGM has said that it will only be in bankruptcy a short while, 30 days or so.  “Under the terms of the deal, major lenders Credit Suisse and JPMorgan (JPM, Fortune 500) will exchange $4 billion in outstanding debt for most of MGM’s equity when it emerges from Chapter 11 protection.  [You have to know that when they made the loan, they were not planning on owning the company!]

MGM will then be transferred to the control of Gary Barber and Roger Birnbaum, who run the movie company Spyglass Entertainment.  MGM has also agreed to a deal with Carl Icahn, one of its largest shareholders, in exchange for the billionaire investor’s support in its restructuring. Icahn had previously pushed for MGM to merge with another studio, Lions Gate Entertainment.”

Here is a link: http://money.cnn.com/2010/11/03/news/companies/MGM_bankruptcy/

Michael

Full post as published by Texas Lawyer Blog on November 04, 2010 (boomark / email).

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