Carl Icahn has made another offer to MGM lenders in hopes of thwarting the prepackaged bankruptcy plan and Spyglass deal. He’s now offered to buy $1.6 billion in debt at a premium price of 53 cents on the dollar; last week, he offered to buy $963 million in debt. The offer expires Friday — the voting deadline for the bankruptcy/Spyglass plan that would put Gary Barber and Roger Birnbaum in charge. On Monday, Lionsgate sent a letter to MGM proposing that a Lionsgate-MGM merger, which Icahn now supports, could save about $100 million annually and increase revenues. If Icahn indeed manages to buy up the $1.6 billion, the total amount he would own would give him a majority of the debt. The Spyglass plan would give lenders 95% ownership of the company; a Lionsgate merger would give creditors a 55% equity stake.
Carl Icahn Makes Another Offer To Buy Up Even More MGM Debt
For all of Deadline’s headlines, follow us @Deadline on Twitter
Sign up for Newsletters
Trending Now on Deadline
More From Team
- Film Arcade And Paramount Team On Romantic Comedy 'Love, Rosie'
- Pete Hammond's Telluride Q&A With Makers Of 'The Imitation Game' (Video)
- UPDATE: Joan Rivers Remains In Serious Condition Following Thursday Cardiac Arrest
- UPDATE: Abrams Artists & 'Ghost Adventures' Producer End Commissions Dispute
- Wil Wheaton Blogs His Syfy Show Is Toast
- Miranda Mayo Joins 'Pretty Little Liars'; Samm Levine In 'Selfie'