MGM Scores Speedy Ch. 11 Plan Approval

Law360, New York (December 2, 2010, 3:05 PM EST) -- Metro-Goldwyn-Mayer Studios Inc. won approval for its restructuring plan on Thursday, allowing the company to emerge under the control of Spyglass Entertainment Holdings LLC just weeks after it sought Chapter 11 protection.

Judge Stuart M. Bernstein approved both a disclosure statement — usually a preliminary step for exit plan approval — and the reorganization proposal itself during a hearing in the U.S. Bankruptcy Court for the Southern District of New York.

The storied entertainment company hopes to emerge from bankruptcy before the end of the year,...
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