MGM secures bankruptcy deal

By on Oct 31, 2010 in Entertainment, Movies, World Comments

International news sites reported earlier that, Metro Goldwyn Mayer, better known as MGM in the film industry, has finally secured a bankruptcy deal to put an end to months of financial suffering. The debt-ridden film giant MGM, is famous for its roaring lion logo shown before every film.

MGM boast of top grossing films which includes the world renowned James Bond series, Rocky series and Pink Panther among others. The film giant favored the proposal of Spyglass Entertainment over an earlier offer of billionaire Carl Icahn, owner of about 800 million dollars of MGM’s debt. Icahn earlier proposed a merger with film producer Lionsgate. He is Lionsgate‘s majority shareholder which MGM disagreed.

The MGM studio has been put on sale a year ago due to several years of financial difficulties. Buyers who showed interest for MGM includes: Lionsgate, Liberty Media, Rupert Murdoch‘s News Corp, and India‘s Reliance Entertainment.

The financial problems of MGM has put on hold the latest James Bond movie. The 23rd series is the franchise’s longest running film. Upon approval of the debt-restructuring deal, filming of the said movie is expected to resume.

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