MGM Wins $500M Financing Bid, Board Seat For Icahn

Law360, New York (November 12, 2010, 6:28 PM EST) -- A judge has granted bankrupt Metro-Goldwyn-Mayer Studios Inc.'s request to enter into a $500 million exit financing deal and allowed the company to hand board seats to major stakeholders including Carl Icahn, offering the mogul a stronger voice in helping to direct the future of the company.

Judge Stuart M. Bernstein issued orders during a hearing Friday in the U.S. Bankruptcy Court for the Southern District of New York approving the the entertainment studio's financing arrangement with JPMorgan Chase & Co. and a motion permitting the...
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