Gary Barber News
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MGM Holdings Inc., the film studio that emerged from bankruptcy more than two years ago, said first-quarter profit more than doubled with the film hits “Skyfall” and “The Hobbit.”
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Metro-Goldwyn-Mayer Inc., the movie studio weighing an initial public offering, said Roger Birnbaum stepped down as co-chairman and co-chief executive officer.
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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.
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Even in an industry full of risk takers, James Dondero stands out.
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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.
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Metro-Goldwyn-Mayer Inc. , distributor of the James Bond and Rocky movies, emerged from a streamlined bankruptcy and raised $500 million to produce new films and television series.
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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.
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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.”
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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.
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Spyglass Entertainment Group Inc., whose executives Gary Barber and Roger Birnbaum will run Metro- Goldwyn-Mayer Inc. after its bankruptcy, is entitled to a $4 million break-up fee plus expenses of as much as $500,000 if it suffers any loss or damage from a breach of its agreement with the studio, according to a court filing.
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