MGM

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 […]

Subsequent to reporting a rumour earlier in the day that – James Bond Producers Said to Join Sahara Bid for MGM Studio – EON Productions has released a statement denying they had ever had any contact with Sahara India Pariwar. “EON Productions tonight confirmed they have never had any contact with Sahara India Pariwar and […]

Just when it looked like MGM’s future might be settled thanks to the potential deal with Spyglass that would take it into pre-packed bankruptcy, India’s Sahara decided to spoil the show with a $2 billion offer. However, it is now rumoured that there is more to this deal than meets the eye, with an article […]

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. […]