COURT APPROVES MGM’S “PREPACKAGED” BANKRUPTCY

A federal bankruptcy court in New York has approved the so-called prepackaged bankruptcy of MGM that effectively makes the historic studio’s lenders its new owners and lifts Spyglass Entertainment founders Gary Barber and Roger Birnbaum to co-CEOs. The approval allows MGM to return to the business of producing and distributing movies and television shows, including the next James Bond flick and The Hobbit, which it is co-producing with Warner Bros.