It's the case of the disappearing $4 billion.
The long-awaited final chapter in the MGM restructuring saga will feature a magic act to be staged in U.S. Bankruptcy Court. The trick: making the Lion's massive debt load completely vanish.
MGM's Spyglass Entertainment-led reorganization will feature no further equity investment in the Lion but simply shift all ownership from current owners to a group of 100-plus studio lenders. A loan syndication by a large group of banks eventually would be staged to provide $500 million or so in new operating capital.