Fresh from pre-packaged bankruptcy and restructuring, MGM has named former Pixar CFO Ann Mather to head the studio’s new board of directors, a group that also includes new studio heads Roger Birnbaum and Gary Barber. Hopefully, the next step will be to start making movies again, after gifting Sony Pictures Entertainment’s summer slate with The Zookeeper, Warner Bros with The Hobbit, Fox with The Three Stooges, and some lucky studio with James Bond and future productions because in all likelihood, the MGM lion will try to roar again initially as a production company which contracts out distribution and marketing. Here’s the announcement:
LOS ANGELES, CA, December 23, 2010 – MGM Holdings Inc. (MGM), the independent, privately-held motion picture, television, home video, and theatrical production and distribution company today announced former Pixar Chief Financial Officer Ann Mather will join the Board of Directors of the newly restructured company. Mather will serve as the Lead Director of the nine-member Board that includes Gary Barber and Roger Birnbaum, Chief Executive Officers of MGM and Co-Chairman of Metro-Goldwyn-Mayer Inc and its operating subsidiaries.
Mather’s appointment coincides with the company’s December 20th announcement that their restructuring plan has become effective, including exit financing of $500 million, arranged by JP Morgan. As the Lead Director, Mather will oversee governance of the studio and its operating units, working in tandem with directors Barber and Birnbaum; former CBS Chief Financial Officer Fred Reynolds; former MySpace President Jason Hirschhorn; Christopher Pucillo, the founder of Solus Alternative Asset Management; Patrick H. Daugherty, a partner at Highland Capital Management LP; and Kevin Ulrich, chief executive officer of Anchorage Capital Group LLC. The final vacancy is expected to be filled within the next several weeks.
MGM has a significantly improved financial position with secured lenders exchanging approximately $5 billion, including accrued interest and fees, for most of the equity in the company. Highland, Solus and Anchorage were part of the creditors’ committee that helped negotiate Los Angeles-based MGM’s restructuring, along with Davidson Kempner Capital Management LLC, and JPMorgan Chase & Co.