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MGM today announced that
the company's restructuring has become effective, with exit financing
of $500 million in place...
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MGM Restructured
20th December 2010
Press Release
Metro-Goldwyn-Mayer Inc. ("MGM") today 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 (the "Plan") was confirmed on December
2, 2010, by the U.S. Bankruptcy Court for the Southern District
of New York.
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"MGM is emerging from one of the
most challenging periods of its storied history. We are
honored and inspired at the opportunity of leading one
of Hollywood's most iconic studios into its next generation
of unforgettable filmmaking, global television production
and distribution, and aggressively pursuing, developing
and exploiting new digital entertainment platforms," said
Gary Barber and Roger Birnbaum, Co-Chairmen and Chief Executive
Officers of MGM.
"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." |
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Above: Co-Chairman Chief Executive
Officers Gary Barber & Roger Birnbaum.
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MGM has a significantly improved financial position with secured
lenders exchanging approximately $5 billion, including accrued
interest and fees, for most of the equity in the company. As
part of its exit financing, MGM raised $500 million to fund operations,
including production of a new slate of films and television series.
JPMorgan arranged MGM exit financing.
About MGM
Metro-Goldwyn-Mayer Studios Inc. is actively engaged in the worldwide
production and distribution of motion pictures, television programming,
home video, interactive media, music, and licensed merchandise.
The company owns the world's largest library of modern films,
comprising around 4,100 titles. Operating units include Metro-Goldwyn-Mayer
Studios Inc., Metro-Goldwyn-Mayer Pictures Inc., United Artists
Films Inc., MGM Television Entertainment Inc., MGM Networks Inc.,
MGM Distribution Co., MGM International Television Distribution
Inc., Metro-Goldwyn-Mayer Home Entertainment LLC, MGM ON STAGE,
MGM Music, MGM Consumer Products and MGM Interactive. In addition,
MGM has ownership interests in domestic and international TV
channels reaching over 130 countries.
