Judge Allows Bankrupt MGM To Use Cash Collateral

Law360, New York (November 4, 2010, 2:42 PM EDT) -- Metro-Goldwyn-Mayer Studios Inc. won interim court approval to use creditors' cash collateral on Thursday, as the bankrupt movie studio began what it hoped would be a short journey to a debt-for-equity reorganization after weeks of wrangling with billionaire investor Carl Icahn.

Judge Stuart M. Bernstein of the U.S. Bankruptcy Court for the Southern District of New York approved most of the more than a dozen first-day motions that the movie studio had filed, making minor changes to some and postponing others.

MGM owes about $5 billion...
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