MGM Holdings Inc., the Hollywood studio that exited bankruptcy in 2010, is seeking to complete an initial stock sale before the October release of its next James Bond film, a person with knowledge of the situation said.
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.
MGM Holdings Inc., the parent of Hollywood studio Metro-Goldwyn-Mayer, hired JPMorgan Chase & Co. and Goldman Sachs Group Inc. to manage its initial public offering, according to two people familiar with the situation.
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.”
General Growth Properties Inc. ’s reorganization plan doesn’t properly compound interest, according to Wilmington Trust Co., the indenture trustee for 6.75 percent senior notes issued by Rouse Co. and the 3.98 percent exchangeable senior notes due 2027.
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.