{"id":2176,"date":"2010-12-22T05:17:28","date_gmt":"2010-12-22T05:17:28","guid":{"rendered":"http:\/\/www.geekworldordersite.com\/blog\/?p=2176"},"modified":"2010-12-22T05:17:28","modified_gmt":"2010-12-22T05:17:28","slug":"mgm-emerges-from-bankruptcy-with-500-million","status":"publish","type":"post","link":"http:\/\/www.geekworldordersite.com\/blog\/2010\/12\/mgm-emerges-from-bankruptcy-with-500-million\/","title":{"rendered":"MGM Emerges from Bankruptcy with $500 MIllion"},"content":{"rendered":"<div>\n<div>\n<div>\n<div>\n<p style=\"text-align: center;\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"http:\/\/geektyrant.com\/storage\/page-images\/MGM%20Logo.png?__SQUARESPACE_CACHEVERSION=1292948615838\" alt=\"\" width=\"641\" height=\"327\" \/><\/p>\n<p>MGM Studios has made it out of Bankruptcy with $500 million dollars  in their pockets to spend on movies. The restructure has been completed  and they are going to start working on making movies again! Hopefully  they&#8217;ll start making films that will make them money. We know some of  this money will go to<em> The Hobbit<\/em>, <em>Bond 23<\/em>, and perhaps the remakes of <em>Red Dawn and Robocop<\/em>?  There will be other movies announced as well. It been a long road for  the studio, but it looks like they are ready to move forward.<\/p>\n<p><strong>Here&#8217;s the official press release:<\/strong><\/p>\n<p>LOS ANGELES, CA, December 20, 2010 \u2013 Metro-Goldwyn-Mayer Inc. today  announced that the company\u2019s restructuring has become effective, with  exit financing of $500 million in place. The company\u2019s \u201cpre-packaged\u201d  plan of reorganization (the \u201cPlan\u201d) was confirmed on December 2, 2010,  by the U.S. Bankruptcy Court for the Southern District of New York.<\/p>\n<p>\u201cMGM is emerging from one of the most challenging periods of its  storied history. We are honored and inspired at the opportunity of  leading one of Hollywood&#8217;s most iconic studios into its next generation  of unforgettable filmmaking, global television production and  distribution, and aggressively pursuing, developing and exploiting new  digital entertainment platforms,\u201d said Gary Barber and Roger Birnbaum,  Co-Chairmen and Chief Executive Officers of MGM. \u201cBeginning today, MGM  is a stronger, more competitive company, with a solid financial  foundation and a bright future. We look forward to working with MGM\u2019s  dedicated employees to build upon this company\u2019s legacy.\u201d<\/p>\n<p>MGM has a significantly improved financial position with secured  lenders exchanging approximately $5 billion, including accrued interest  and fees, for most of the equity in the company. As part of its exit  financing, MGM raised $500 million to fund operations, including  production of a new slate of films and television series. JPMorgan  arranged MGM exit financing.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>MGM Studios has made it out of Bankruptcy with $500 million dollars in their pockets to spend on<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-2176","post","type-post","status-publish","format-standard","hentry","category-geeky-news"],"_links":{"self":[{"href":"http:\/\/www.geekworldordersite.com\/blog\/wp-json\/wp\/v2\/posts\/2176","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.geekworldordersite.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.geekworldordersite.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.geekworldordersite.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.geekworldordersite.com\/blog\/wp-json\/wp\/v2\/comments?post=2176"}],"version-history":[{"count":2,"href":"http:\/\/www.geekworldordersite.com\/blog\/wp-json\/wp\/v2\/posts\/2176\/revisions"}],"predecessor-version":[{"id":2178,"href":"http:\/\/www.geekworldordersite.com\/blog\/wp-json\/wp\/v2\/posts\/2176\/revisions\/2178"}],"wp:attachment":[{"href":"http:\/\/www.geekworldordersite.com\/blog\/wp-json\/wp\/v2\/media?parent=2176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.geekworldordersite.com\/blog\/wp-json\/wp\/v2\/categories?post=2176"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.geekworldordersite.com\/blog\/wp-json\/wp\/v2\/tags?post=2176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}