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Creditors silent on MGM reorganization plan

Studio can go ahead with bankruptcy hearing

MGM’s creditors have declined to object to the studio’s reorganization plan, clearing the way for a key bankruptcy court hearing later this week.

No objections have been filed to the plan and a meeting Tuesday that MGM was required to hold for creditors — where they could question MGM reps — drew no attendees, according to MGM attorney Jay Goffman.

MGM’s hearing has been set for Thursday in Manhattan before Judge Stuart Bernstein and will cover the adequacy of its disclosure statement and solicitation procedures and confirmation of the plan.

MGM was last in court on Nov. 12 when Bernstein authorized amendments to the studio’s plan, including the exclusion of the Spyglass Entertainment library from the deal. Spyglass toppers Gary Barber and Roger Birnbaum will become the heads of MGM once it emerges from Chapter 11 protection.

The Chapter 11 plan will eliminate $5 billion in debt by converting a loan through J.P. Morgan into stock in the reorganized company.

A source familiar with the situation said Tuesday that Ann Mather, former chief financial officer of Pixar Animation Studios, is likely to join the new MGM board of directors. MGM disclosed a week ago in a court filing that its board would include three members who were part of the creditors committee — Patrick H. Daugherty of Highland Capital Management, Christopher Pucillo of Solus Alternative Asset Management and Kevin Ulrich of Anchorage Capital Group.

MGM has also tapped MySpace co-president Jason O. Hirschhorn and former CBS chief financial officer Frederic G. Reynolds as directors along with Barber and Birnbaum.

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