MGM’s Lenders Approve Reorganization Plan

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In a follow-up to this announcement about MGM’s reorganization plan in which the studio will seek Chapter 11 bankruptcy protection with Spyglass taking over control of the studio, MGM has announced that the plan is moving forward:

Metro-Goldwyn-Mayer Inc. (“MGM”) today announced that the secured lenders voting in the Company’s solicitation process have overwhelmingly approved its proposed plan of reorganization (“Plan”). MGM will now move expeditiously to implement that Plan, which will dramatically reduce its debt load and put the Company in a strong position to execute its business strategy. MGM is appreciative of the lenders’ support.

It will be interesting to see which studio will jump on James Bond 23 now if MGM will no longer be a distributor, but instead serve as a production company. As previously reported, The Hobbit films will be distributed by New Line/Warner Bros.

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