Friday, February 21, 2020

MGM SUBMITS “PRE-PACKAGED” BANKRUPTCY

November 3, 2010 by · Leave a Comment 

MGM finally filed its “pre-packaged” bankruptcy plan today (Friday), following years of struggle to lift itself out from under a debt load that it occurred when its owners acquired it from investor Kirk Kerkorian in a $5-billion leveraged buyout in 2005. The filing came days after MGM creditors agreed to swap debt for equity and install Spyglass Entertainment’s founders Gary Barber and Roger Birnbaum as the studio’s top executives.