The ongoing story of the fate of MGM Studios is now in the hands of the US District Court judge in NYC. MGM filed for chapter 11 bankruptcy reorganization last week,
after the creditors agreed on a pre-packaged deal at the end of October. The attorney’s leading the MGM case presented the judge a plan to exit the process in less than 30 days[1] at the initial hearing on Thursday. If all goes well the judge may be able to sign off on the plan by the end of November. In today’s news, MGM is asking the court to sign off on a new credit facility financed by JP Morgan Chase of $500 mil, details on the terms undisclosed. That number appears to be the reported annual revenues produced from the MGM library. Carl Ichan who has been involved in this process as one of the major investors is said to be supporting the move and will be involved once MGM obtains signatures from the judge and exits bankruptcy.
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This whole thing has gotten so messy for MGM. I wonder if they will change there name to overcome the bad press and image. I would not be surprised if METRO is the new name we see in theaters in the future. LOL!