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| Version 1 | Version 2 |
|---|---|
| MGM creditors 'back bankruptcy deal with Spyglass' | MGM creditors 'back bankruptcy deal with Spyglass' |
| (about 9 hours later) | |
| Creditors of Hollywood's legendary MGM studio have voted in favour of a bankruptcy plan offered by US firm Spyglass Entertainment. | 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 is struggling under $4bn (£2.5bn) of debts. | The rescue deal would put Spyglass at the helm of MGM, which is struggling under $4bn (£2.5bn) of debts. |
| The creditors rejected rival offers including from Canada's Lionsgate, part-owned by billionaire Carl Icahn. | The creditors rejected rival offers including from Canada's Lionsgate, part-owned by billionaire Carl Icahn. |
| The months of financial deadlock meant several film projects were put on hold, including the latest 007 movie. | The months of financial deadlock meant several film projects were put on hold, including the latest 007 movie. |
| MGM has struggled due to several box office flops and a DVD sales slump. | MGM has struggled due to several box office flops and a DVD sales slump. |
| 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 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. | 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. | 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. |
| In April, work on the 23rd film in the James Bond franchise was suspended due to uncertainty over MGM's future. | 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". | 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. | There was no immediate comment this weekend on when production might resume. |
| Spyglass's most notable recent success was production of Clint Eastwood's last film Invictus. |