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
What's Hot on Deadline
'Tomorrowland' Bows Overseas With $27.5M, 'Ultron' Dominates With $46.4M, 'Mad Max' Adds $38.2M, 'Spy' Nabs $12.5M
TLC "Deeply Saddened" As It Pulls All Episodes of '19 Kids And Counting' In Wake Of Child Molestation Allegations - Update
Cannes Winners: The French Did Well, The Italians Didn't - But Who's Complaining After Cinema's World Cup?
Latest TV News
- Max Greenfield Makes Reservation For ‘American Horror Story: Hotel’
- NASCAR 600 Ratings Slow Down, ‘Battle Creek’ Ends Even, ‘A.D.’ Ratings Dip
- Charter Nears $55B Deal To Buy Time Warner Cable: Reports
- Netflix Rumored To Want Gerard Depardieu For French ‘House Of Cards’
- Anne Meara Dies; Actress, Comedian Of Stiller Family Was 85
- Marty Pasetta Dies: Longtime Director Of Academy Awards Telecasts Was 82