MGM Completes Restructuring!!
Two months after filing for bankruptcy protection, Metro-Goldwyn-Mayer Inc. has announced that the company’s restructuring has become effective, with exit financing of $500 million in place. The company’s “pre-packaged” plan of reorganization was confirmed on December 2, 2010, by the US Bankruptcy Court for the Southern District of New York. The immediate plans for the studio involve the 23rd James Bond movie and The Hobbit. The studio has not revealed its new plans regarding home video, especially the James Bond films still unreleased on Blu-ray.
Gary Barber and Roger Birnbaum, Co-Chairmen and Chief Executive Officers of MGM, said: “Beginning today, MGM is a stronger, more competitive company, with a solid financial foundation and a bright future. We look forward to working with MGM’s dedicated employees to build upon this company’s legacy.”