Spyglass

MGM filed for pre-packaged bankruptcy yesterday under the deal with Spyglass. Only days since Carl Icahn’s failed counter bid, things have moved swiftly to move MGM into its next phase. One of the most interesting pieces of news to emerge from MGM, according to Bloomberg, relates to Bond 23 and beyond: New James Bond films […]

Carl Icahn just doesnt seem to know when to call it a day, but then, perhaps that’s why he’s worth billions. According to an article published by Reuters yesterday: Billionaire investor Carl Icahn stepped up his fight for control of film studio Metro-Goldwyn-Mayer Inc on Thursday, offering to buy senior debt from creditors willing to […]

Metro-Goldwyn-Mayer Inc. (MGM), yesterday distributed a supplement to the solicitation package that was originally distributed to MGM’s secured lenders on October 7, 2010.  The supplement contains additional details to the Company’s financial information included in the original solicitation materials.  In order to provide lenders sufficient time to review the supplemental information, MGM has extended the […]

Carl C. Icahn released the following statement on October 12th: “We are holders of significant positions in both Lions Gate stock and MGM debt. Today, Lions Gate has made a proposal to combine these two companies. We believe that this combination of Lions Gate and MGM would enhance value for all constituencies and we believe […]

Metro-Goldwyn-Mayer Inc. (MGM) today announced that it has begun a solicitation of votes from its secured lenders for a pre-packaged plan of reorganization (the “Plan”). MGM expects to continue normal business operations throughout the restructuring process. The Plan provides for MGM’s employees, vendors, participants, guilds, and licensees to be unimpaired. The Plan provides for MGM’s […]

First nothing seems to be moving to resolve the crisis at MGM and then it all happens at once. First of all, Spyglass signed a letter of intent to take over the running of the studio; then Sahara entered the picture, with a bid that was rumoured to have the backing of Barbara Broccoli and […]

MGM has received yet another debt extension until the end of October while it finalises a deal with Spyglass according to an article published on Reuters, which states: “Metro-Goldwyn-Mayer [MGMYR.UL] said on Wednesday that its lenders agreed to extend a deadline for debt payments as the film studio prepares to be handed over to film […]

MGM’s future will be in television, if an article published by Variety is to be believed. Gary Barber and Roger Birnbaum of Spyglass are reported to have signed a nonbinding letter of intent to become co-chairmen and co-CEOs of the troubled studio. The article states: “MGM will enter into a pre-packaged bankruptcy and re-emerge between […]

It’s finally looking like MGM is close to securing a rescue package after it has been reported that Spyglass executives have signed a letter of intent and begin due diligence. The article states: “Spyglass, a Los Angeles-based film production company, presented its restructuring proposal to more than 100 lenders on a conference call last month. […]

MGM may be about to reach a deal that will take it into a pre-packaged bankruptcy deal that will mean it could be back on its feet before the year end. The article states: Spyglass Entertainment is nearing a deal to run Metro-Goldwyn-Mayer Inc. once the beleaguered film studio finishes restructuring a roughly $4 billion […]