Creditors To Get Stakes In MGM Under Ch. 11 Plan

Law360, New York (November 3, 2010, 6:01 PM EDT) -- Metro-Goldwyn-Mayer Inc. filed a prepackaged Chapter 11 reorganization plan Wednesday, a move the company said would eliminate $4 billion in debt by granting ownership stakes to its creditors.

Under the plan, filed in the U.S. Bankruptcy Court for the Southern District of New York, MGM would hand over management of the movie studio to Gary Barber and Roger Birnbaum, co-chairmen and chief executive officers of Spyglass Entertainment.

MGM, known for the James Bond, Rocky and Pink Panther franchises and classics such as “The Wizard of Oz,”...
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