wraithfodder (wraithfodder) wrote,
wraithfodder
wraithfodder

MGM and bankruptcy...

The latest on MGM from the Los Angeles Times ( http://lat.ms/a3zdw8 )

 

 

Spyglass proposes MGM reorganization plan, including prepackaged bankruptcy [updated]

October 7, 2010

Update, 3:35 p.m.: MGM announced that under the proposed plan, its approximtaely 100 lenders will exchange their more than $4 billion in debt for 95.3% of the reorganized studio following its exit from bankruptcy.

Spyglass Entertainment and two of its subsidiary companies, Cypress Entertainment Group Inc. and Garoge, Inc., will merge into MGM and together control the remaining 4.7%. The subsidiaries own the first 15 films produced by Spyglass, including "Seabiscuit," "The Sixth Sense," and "Bruce Almighty," all of which will added to MGM's existing library of about 4,000 titles. Those 15 Spyglass movies are valued at about $85 million.

 

MGM's previous owners, such as private equity firms Providence Equity Partners, TPG Capital, Sony Corp. and Comcast will see their stakes wiped out

 

REST AT LINK ABOVE. It's probably the more detailed of the articles out there.

This one - http://www.hitfix.com/articles/first-step-for-bonds-return-mgm-formerly-puts-its-eggs-in-spyglass-basket - said "MGM's relatively small television operations which include producing the "Stargate" franchise will likely remain unaffected." and that's all I could find via Google news for 'MGM' and 'Stargate" in a seach. I dare say that compared to the Bond franchise, Stargate is considered small fry, at least by the press/PR folk.

 

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