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- 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 company1234. The bankruptcy was pre-agreed with major creditors, and under the deal, major lenders JP Morgan and Credit Suisse swapped $4bn of loans for a majority of the company's equity25. After the bankruptcy, MGM's creditors control MGM through MGM Holdings, a private company, and new management of its film and television production divisions was installed3.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.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_HoldingsHollywood'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-11688023After 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-MayerMGM 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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