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Wednesday
Nov032010

MGM Files for Bankruptcy, Merger Set with Spyglass Entertainment

Photo Courtesy - PRNewsFoto | Metro-Goldwyn-Mayer Inc.(LOS ANGELES) -- MGM studios in Hollywood filed for bankruptcy Wednesday as part of a plan to restructure its finances and shed more than $4 billion in debt.

Metro-Goldwyn-Mayer Inc. has planned a prepackaged bankruptcy that should shorten its stay in Chapter 11 protection.

The studio is set to join with Spyglass Entertainment in a merger that would hand control over to a group of hedge fund creditors.

Hanging in the balance? None other than the fate of superspy James Bond. Arguably MGM's most valuable property, production of the 23rd installment of the ongoing 007 series ground to a halt after the studio ran aground financially.

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