MGM creditors will be asked to approve a restructuring and pre-packaged bankruptcy plan for the studio within the next week or two, Bloomberg reports. This follows Spyglass chiefs Roger Birnbaum and Gary Barber’s signing non-binding letters of intent on Wednesday to become MGM co-chairmen/CEOs. So this next step of a pre-packaged bankruptcy proceeding has been expected for months. It would convert debt to equity and remove the $4 billion debt which has crippled the studio so that it can start generating films again. According to Bloomberg, Birnbaum and Barber would receive 5% of the merged company for their film library, valued at $100M.
Bloomberg: MGM Creditors To Vote On Pre-Packaged Bankruptcy Plan This Month
What's Hot on Deadline
Bernie Sanders: Obama Administration "Should Kill" The AT&T-Time Warner Deal: "Higher Prices & Fewer Choices"
'Jack Reacher' Cuffs $31M But 'Mechanic' Puts Wrench Into China Perf; 'Girl', 'Inferno', 'Peregrine' Advance - Intl Box Office
Latest TV News
- ‘Being Mary Jane’ Adds Valarie Pettiford, Ashton Holmes & Chiké Okonkwo
- ‘Before The Flood’ To Premiere Commercial Free Across Nat Geo Global Networks October 30
- ‘The Tonight Show Starring Jimmy Fallon’ Showrunner Josh Lieb Departs For Uni TV Overall Deal, Trio Promoted To…
- Freeform Buys 'Bad Dates' Relationship Comedy From 'Veep's Timothy Simons
- Chris McCarthy Adds MTV Oversight With Promotion To President Of MTV, VH1 & Logo
- ‘Sunday Night Football’ Ratings Rise As Seahawks & Cardinals Game Ends In Tie