By Jacqueline Bell (October 7, 2010, 6:21 PM EDT) -- Metro-Goldwyn-Mayer Inc. said late Thursday that it was preparing for a prepackaged bankruptcy filing by seeking approval from its secured lenders of a proposed plan of reorganization that would hand over management of the movie studio to top executives at Spyglass Entertainment.
The storied movie studio, known for the James Bond, Rocky and Pink Panther franchises, classics such as "The Wizard of Oz" and the more recently released comedy "Hot Tub Time Machine," has been struggling under a debt load of nearly $4 billion it cannot afford to repay.
MGM said Thursday the proposed reorganization plan would allow its secured lenders...
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