Spyglass May Acquire MGM

  • October 8, 2010
Movie studio Metro-Goldwyn-Mayer, saddled with $4 billion in debt, is asking its secured lenders to approve a pre-packaged bankruptcy plan to cut its debt and turn over management to the founders of Spyglass Entertainment, reports Dow Jones. It's asking the lenders to forgive that debt in exchange for a 95% stake in the studio when it exits bankruptcy protection. Spyglass -- the small production company behind "Star Trek" and "Get Him to the Greek" -- would merge some of its older films with MGM's library.

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