LOS ANGELES (AP) — Hollywood studio Metro-Goldwyn-Mayer Inc., the home of James Bond, says it has filed for bankruptcy protection as the culmination of a long process to restructure its finances with the support of lenders.

The “pre-packaged” bankruptcy plan should allow MGM to emerge quickly. It’s set to merge with Spyglass Entertainment, whose co-CEOs will lead the company.

MGM lenders will trade about $4 billion in debt for stock in the new company.

Billionaire investor Carl Icahn was involved in the run-up to the filing, first backing a rival takeover attempt by Lions Gate Entertainment Corp., then throwing his weight behind Spyglass last week.

(© Copyright 2010 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments (3)
  1. FLF says:

    More job destruction here in la la land courtesy of the progressive socialists-who after last evening OWN the state lock stock and barrel head!

    1. jazz1152 says:

      You are a complete fool. Hollywood does not control politics. If they did Prop 19 would have passed. (I’m glad that they didn’t).

      More studios will fail due to outrageous salaries that they pay the stars. $20 – 40 million dollars for a lackluster movie? And you wonder why they go bankrupt?

      Get a clue.

      1. Saber 1 says:

        It cost to much to make a movie or commercial in CA. Out of state/country is why the studios are hurting. What a shame, MGM made some of the best movies that became classics. Maybe Osama bin Obama might take over like he did with GM which became to be known as Goverment Motors.

Leave a Reply

Please log in using one of these methods to post your comment:

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

Watch & Listen LIVE