MGM is Saved; Court Approves Reorganization Plan

MGM have announced that the U.S. Bankruptcy Court has approved their plan of reorganization. This will prove to be a big win for the struggling studio as the approval paves the way for MGM to emerge from Chapter 11. The plan will dramatically reduce the debt of the studio and help it to move forward in being a successful studio once again.

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darklordzor3948d ago

Hmmm...I could have sworn they already had done this. Guess I must have read it wrong a while ago. Oh well, this is good news for them!

JL3948d ago

What you heard about before was most likely when they filed Chapter 11 and then were working on a reorganization plan to bring to the courts. This is the court approving that plan. Basically, just the next step in climbing out of that hole.

blur993948d ago

A to hear that a studio synonymous with films is able to survive. A good question is how did they put themselves in such hardship. Did they somehow lose big on their last 5 dozen films?