By James A. Lyons
By arming the rebels, we're aiding al Qaeda
Metro-Goldwyn-Mayer Inc. took a near-final step to emerging from bankruptcy on Monday as a slimmer studio that has a lot of its future riding on "The Hobbit" two-part movie series.
Hollywood studio Metro-Goldwyn-Mayer Inc., the home of James Bond, filed for bankruptcy protection on Wednesday in a plan that had the backing of its lenders and put funding of its half of "The Hobbit" back on track.
Metro-Goldwyn-Mayer Inc. said it has begun seeking its creditors' approval on a prepackaged bankruptcy plan in which they will exchange more than $4 billion in debt for equity in a new company that has rights to the James Bond franchise and the upcoming two-part movie series "The Hobbit."
Metro-Goldwyn-Mayer Inc. said Thursday that it has begun seeking its creditors' approval on a prepackaged bankruptcy plan in which they will exchange more than $4 billion in debt for equity in a new company that has rights to the James Bond franchise and the upcoming two-part movie series "The Hobbit."
"MGM is emerging from one of the most challenging periods of its storied history," Barber and Birnbaum said in a statement. "We are honored and inspired at the opportunity of leading one of Hollywood's most iconic studios into its next generation."
