The former glory of Metro-Goldwyn-Mayer as Hollywood’s house of golden classics from The Wizard of Oz to James Bond blockbusters has reached a lull with its bankruptcy crisis.
The U.S. entertainment empire formally announced its bankruptcy last week and is laden with debt in excess of $4 billion.
The rescue plan comprises of a smaller production company, Spyglass Entertainment in conjunction with film producer Lionsgate to run a scaled down operations modeled on MGM’s structure in attempt to revive the Hollywood movie factory.
“MGM will now move expeditiously to implement that plan, which will dramatically reduce its debt load and put the company in a strong position to execute its business strategy.
“MGM is appreciative of the lenders’ support,” said the MGM statement.
With a credit of 4,000 titles and 205 Oscars, the 23rd James Bond movie may be able to continue its production after filming was halted in April due to debt ridden pressure on MGM.
The U.S. entertainment empire formally announced its bankruptcy last week and is laden with debt in excess of $4 billion.
The rescue plan comprises of a smaller production company, Spyglass Entertainment in conjunction with film producer Lionsgate to run a scaled down operations modeled on MGM’s structure in attempt to revive the Hollywood movie factory.
“MGM will now move expeditiously to implement that plan, which will dramatically reduce its debt load and put the company in a strong position to execute its business strategy.
“MGM is appreciative of the lenders’ support,” said the MGM statement.
With a credit of 4,000 titles and 205 Oscars, the 23rd James Bond movie may be able to continue its production after filming was halted in April due to debt ridden pressure on MGM.
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