Lord of the Rings

MGM Proposes Bankruptcy Package

Movie studio Metro-Goldwyn-Mayer, home of movie franchises such as James Bond and The Pink Panther, proposed a bankruptcy plan that would reduce its debt by $4 billion and put the founders of Spyglass Entertainment in charge of the legendary studio. MGM said it is seeking lenders%u2019 votes for the plan, which would involve secured lenders exchanging more than $4 billion in debt for 95.3% of equity in the company once it emerges from Chapter 11, Reuters reported.