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MGM creditors 'back bankruptcy deal with Spyglass' MGM creditors 'back bankruptcy deal with Spyglass'
(1 day later)
Creditors of Hollywood's legendary MGM studio have voted in favour of a bankruptcy plan offered by US firm Spyglass Entertainment, sources say. Creditors of Hollywood's legendary MGM studio have voted in favour of a bankruptcy plan offered by US firm Spyglass Entertainment.
The rescue deal would put Spyglass at the helm of MGM, which has $4bn (£2.5bn) in outstanding debt. The rescue deal would put Spyglass at the helm of MGM, which is struggling under $4bn (£2.5bn) of debts.
The creditors rejected a rival offer from Canada's Lionsgate company, the sources said. The creditors rejected rival offers including from Canada's Lionsgate, part-owned by billionaire Carl Icahn.
MGM, which has the James Bond franchise, is in debt thanks to several box office flops and a DVD sales slump. The months of financial deadlock meant several film projects were put on hold, including the latest 007 movie.
The rescue plan provides for MGM's secured lenders to exchange $4bn in debt for equity in the company upon its emergence from Chapter 11. MGM has struggled due to several box office flops and a DVD sales slump.
The trimmed-down company would then be taken over by Spyglass's bosses. The rescue plan provides for MGM's secured lenders to exchange $4bn in debt for equity in the company upon its emergence from Chapter 11 bankruptcy.
The trimmed-down company would then be taken over by Spyglass.
In a statement, MGM, famous for its trademark roaring lion logo, said that its lenders had "overwhelmingly approved its proposed plan of reorganisation" by Spyglass.
The financial rescue of MGM is key to the production of several movie blockbusters.The financial rescue of MGM is key to the production of several movie blockbusters.
The next James Bond film is just one example of a project that is on hold pending a deal. In April, work on the 23rd film in the James Bond franchise was suspended due to uncertainty over MGM's future.
The British production company behind the project said at the time that the film was on hold "indefinitely".
There was no immediate comment this weekend on when production might resume.
Spyglass's most notable recent success was production of Clint Eastward's last film Invictus.