MGM Seeks To Purchase $11M United Debt

Law360, New York (September 2, 2011, 7:40 PM EDT) -- Metro-Goldwyn-Mayer Studios Inc. on Thursday asked a New York bankruptcy judge to approve an agreement with United Artist Production Finance LLC to buy about $11 million in debt relating to credit agreements with an MGM subsidiary to potentially capitalize on its distribution rights.

MGM, which filed for Chapter 11 bankruptcy in November and won approval for its restructuring plan in December, seeks to purchase debt issued by JPMorgan Chase Bank NA and Merrill Lynch Mortgage Capital Inc. in two separate agreements meant to help UAPF's former...
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