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
Trending Now on Deadline
'Black-ish', 'Grey's Anatomy', 'Castle', 'The Goldbergs', 'Modern Family', 'Once Upon A Time' & Others Get Extra Episodes At ABC
More From Andreeva
- Brody Jenner & Stevie Ryan Relationship Talk Show Ordered By E! As Presentation
- Adam Davidson To Direct Pilot For 'The Walking Dead' Companion Series
- 'Two & Half Men' Co-Creator Lee Aronsohn & Marcus Wiley Sell Comedy To ABC
- Starz Ballet Drama 'Flesh And Bone' To Become Limited Series
- Paul Giamatti & Damian Lewis To Topline Showtime Pilot 'Billions'
- Tracy Katsky Lines Up Six Comedy Sales, Extends Deal With Kapital Entertainment