Spyglass' Plan to Erase MGM Debt

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.

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JL2259d ago

This is really good news for MGM. Would hate to see such a studio go.