Ann Mather to serve as the lead director
Former Pixar Chief Financial Officer Ann Mather is joining the board of directors of MGM Holdings Inc., which completed its restructuring earlier this week.
MGM announced Thursday that Mather will serve as the lead director of the nine-member board and oversee governance of the studio, which received a $500 million cash infusion in “exit financing” Monday as part of its restructuring.
The other board members include former Spyglass toppers Gary Barber and Roger Birnbaum, who have become CEOs of MGM Holdings and co-chairman of the studio.
Other previously announced board members are former CBS Chief Financial Officer Fred Reynolds; former MySpace President Jason Hirschhorn; Christopher Pucillo, the founder of Solus Alternative Asset Management; Patrick H. Daugherty, a partner at Highland Capital Management LP; and Kevin Ulrich, chief executive officer of Anchorage Capital Group LLC.
MGM said Thursday that the final vacancy is expected to be filled within the next several weeks. It noted that Highland, Solus and Anchorage were part of the creditors’ committee that helped negotiate the restructuring, along with Davidson Kempner Capital Management LLC, and JPMorgan Chase & Co.
MGM hasn’t yet disclosed how it’s spending funds from the $500 million line of credit, arranged by JPMorgan. MGM is also expected to seek a separate loan of $265 million-$275 million for its share in the back-to-back “Hobbit” movies, which begin shooting in New Zealand in February.
MGM filed for a “pre-packaged” bankruptcy on Nov. 3. Under the restructuring, the company’s secured lenders are exchanging about $5 billion, including accrued interest and fees, for most of the equity in MGM as part of its “pre-packaged” plan of reorganization.
The plan wipes out the equity interest of MGM’s current owners, the Sony-led consortium that bought it in 2005 in a $4.8 billion leveraged buyout — which left the studio with a crushing debt load.
Mather’s currently on the boards of Netflix and Google. She served as CFO at Pixar between 1999 and 2004 and previously held executive slots at Village Roadshow and Disney.