MGM restructuring plan approved by court
Business Law
Struggling U.S. movie studio Metro-Goldwyn-Mayer Inc.(MGM) said Thursday its restructuring plan has been approved by a federal bankruptcy court, allowing it to emerge from bankruptcy protection.
Under the new plan, the company's lenders will exchange nearly five billion U.S. dollars in outstanding debt, including accrued interest and fees, for most of the equity in MGM. Spyglass Entertainment Partners Gary Barber and Roger Birnbaum will become the company's new owners.
The approval is expected to end turmoil and uncertainty that have plagued the movie studio for 18 months.
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