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  2. Eventually, MGM filed for Chapter 11 bankruptcy on November 3, 2010 and emerged on December 2 when the Federal Bankruptcy Court approved MGM's reorganization plan, which led to MGM's creditors taking over the company. On December 17, the company laid off about 50 staff members.
    en.wikipedia.org/wiki/MGM_Holdings
    Hollywood's MGM studio has filed for Chapter 11 bankruptcy protection in a move pre-agreed with major creditors. It is expected that the "pre-pack" bankruptcy will last only 30 days. Under the deal, major lenders JP Morgan and Credit Suisse will swap $4bn (£2.5bn) of loans for a majority of the company's equity.
    www.bbc.co.uk/news/business-11688023
    After its bankruptcy in 2010, MGM reorganized, with its creditors' $4 billion debt transferred to ownership. MGM's creditors control MGM through MGM Holdings, a private company. New management of its film and television production divisions was installed. The creditors have since contracted Morgan Stanley and LionTree Advisors to explore a sale.
    en.wikipedia.org/wiki/Metro-Goldwyn-Mayer
    MGM filed for bankruptcy in November 2010 before emerging a month later under new management led by Spyglass founders Barber and Roger Birnbaum.
    www.hollywoodreporter.com/business/business-ne…
    The “prepackaged” Chapter 11 bankruptcy plan was approved last week by more than 100 MGM lenders, who agreed to swap $4 billion in debt holdings for a collective 99% stake in the Century City studio. The final terms contain certain changes demanded by investor Carl Icahn, a big MGM debtholder. Court review of the plan is expected to take 30 days.
    www.hollywoodreporter.com/news/general-news/m…
     
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