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. The plan, endorsed by MGM’s biggest creditors, involves a bankruptcy filing to convert most of the debt into equity, a person said at the time.”
While it remains to be seen whether the deal goes through, it seems like the first bit of really positive news related to Bond 23 since production was suspended earlier in the year.