Tag Archives: Lionsgate

MGM Studio exits Bankruptcy

4 Jan

By Lurker

In late December 2010, MGM studios completed bankruptcy proceedings and are now moving forward with a restructuring plan led by the co-CEO’s from Spyglass, Barber and Birnbaum.  MGM has seen some employee attrition and also laid off 50 employees.

There is some speculation on which movies MGM will fund, given that they are in a 50/50 deal with WB for “The Hobbit” and Bond 23.

Additionally, Lionsgate is still pursuing legal action against Carl Ichan in his failed take over bid from late October.  Ichan is still a major shareholder in both studios having participated in the MGM pre-packaged bankruptcy process.

I’m sure we will hear more as the legal court drama unfolds!

http://www.cnbc.com/id/40758222

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MGM files Ch.11 Bankruptcy

8 Nov

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, Continue reading →

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MGM Creditors decide on Bankruptcy move

29 Oct

In an interesting week of daily news reports regarding the fate of MGM studios, it appears that the pre-packaged bankruptcy deal has been approved today by the current holders of MGM’s $4 bill debt. The vote effectively joins Spyglass and MGM studios and will be directed by co-CEO’s from Spyglass management. Continue reading →

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Icahn extends offer for shares of Lionsgate

22 Oct

In yet another move today, it has been reported that billionaire investor Carl Icahn has extended his buyout offer to LionsGate shareholders until November 1. This move by Icahn as LionsGate’s primary shareholder places more pressure on MGM. Recall this week, the offer by Icahn to purchase outstanding debt from MGM and consolidate the two studios.

Both offers still on the table looking for shareholder and debtholder agreements extended until the end of the month.  Lionsgate shares remained unchanged in early trading on today’s market.

 

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MGM: Icahn makes another offer

21 Oct

In the ongoing saga for control of financially troubled MGM Studios, Carl Icahn makes another offer in his attempt to win MGM Studios. On the table, and still pending is the offer from Spyglass Entertainment to run MGM as part of a leveraged bankruptcy move. Icahn is now offering a 45cents on the $1 bid against the outstanding debt holders of MGM.

News breaking from CNBC business news: http://www.cnbc.com/id/39778657

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