Asia Bizz: MGM (Metro-Goldwyn-Mayer Inc.) Files Chp. 11 For Bankruptcy
America’s MGM (Metro-Goldwyn-Mayer Inc.) has filed Chp.11 as financial court protection for it’s ongoing bankruptcy. This has now confirmed that the reputed long running MGM is finally bankrupt and it has officially filed the Chp.11 at the court. The Chp.11 has the approval from almost all it’s creditors who have considered about MGM financial position.
According to this Chapter, the creditors are willing to faithfully forgive the $4 billion debt that it provided MGM. But this came under the condition, that MGM has to turnover the restructured studio and also hand over the management to Spyglass Entertainment. MGM has been in the world of cinema for over half a century, and no one had even imagined that it will be facing such sort of financial catastrophe.
It has been reported that MGM will be raising $500 million after it exits the studio, but any of its future plans are still undisclosed. Carl Icahn, will be getting the board seat in MGM, once the studio exits bankruptcy.