Metro-Goldwyn-Mayer Inc . held its first Chapter 11 hearing yesterday and the bankruptcy judge set aside Dec. 2 for a confirmation hearing to consider approving the reorganization plan that creditors accepted in advance.
Metro-Goldwyn-Mayer Inc. signed a non-binding letter of intent to hand over management of the film studio to Spyglass Entertainment Group’s Gary Barber and Roger Birnbaum , a person with knowledge of the situation said.
Metro-Goldwyn-Mayer Inc. creditors, grappling with the studio’s $3.7 billion debt, are close to an agreement to turn over management to Spyglass Entertainment Group, two people with knowledge of the situation said.
Metro-Goldwyn-Mayer Inc . and about 160 affiliates filed a prepackaged Chapter 11 petition yesterday in New York. The producer and distributor of movies and television programming said it “anticipates” having the previously negotiated reorganization plan approved in a confirmation order “in approximately 30 days.”
Metro-Goldwyn-Mayer Inc. ’s creditors, unsatisfied with proposals to buy or restructure the debt-laden film studio, have contacted Hollywood executives who may be willing to run it, people with knowledge of the situation said.