Lion's "crown jewel" sped exit from bankruptcy
MGM's long-murky future will come into focus next week, when a federal bankruptcy court's set to confirm its bankruptcy plan.
Miramax 3.0 is beginning to take shape as Filmyard Holdings completes its purchase of the company from the Walt Disney Co. Deal is now expected to close within the next month.
Lionsgate's dialing up a campaign to persuade MGM's debtholders to choose its merger proposal rather than a rival reorganization plan that would leave Spyglass Entertainment toppers in charge.
MGM has made it official, formally launching the process of asking its debtholders to approve a pre-packaged bankruptcy plan.
Lenders for MGM have agreed to forgive debt payments for the seventh time in a year, giving the storied studio six more weeks of breathing room to restructure.
Spyglass toppers' Gary Barber and Roger Birnbaum have signed a non-binding letter of intent to become co-chairmen and co-CEOs of troubled MGM.
MGM's received a sixth extension on debt payments from its creditors, who have opted to give the beleaguered studio two months of breathing room until Sept. 15.
Following through on its 10-day truce with Carl Icahn, Lionsgate has been meeting with MGM debtholders about a possible merger.
The MGM saga looks likely to be prolonged for awhile as it continues its search for a savior.
MGM has received two more months sort out its future, obtaining a fifth extension on its debt payments in order to support the studio's ongoing efforts to improve its financial position.