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MGM's Creditors Voting on Debt Plan

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BY MIKE SPECTOR AND LAUREN A. E. SCHUKER

Movie studio Metro-Goldwyn-Mayer Inc. is in the final stages of preparing a bankruptcy-protection filing, a move that will pare the debt of the iconic studio and place it under the management of the two founders of rival Spyglass Entertainment.
Saddled with more than $4 billion in debt, MGM is trying what's known as a "prepackaged bankruptcy" that it hopes will wend its way through court in a matter of weeks, rather than the months or years that some bankruptcy cases require.
The first step of that process came this week, when the studio presented its restructuring plan to debt holders. ...