MGM announced today that its restructuring plan is now in effect and has secured $500 million as part of its bankruptcy exit financing to fund new films and television series. MGM announced on 2 December that it’s pre-packaged plan for bankruptcy had been approved. Spyglass Entertainment executives Gary Barber and Roger Birnbaum have also taken over as co-CEOs of the new MGM.
MGM Press Release:
MGM 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’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,” said Gary Barber and Roger Birnbaum, Co-Chairmen and Chief Executive Officers of MGM. “Beginning today, MGM is a stronger, more competitive company, with a solid financial foundation and a bright future. We look forward to working with MGM’s dedicated employees to build upon this company’s legacy.
MGM recently announced that new James Bond films starting with Bond 23 may be released every second year starting in November 2012. They also recently forged ahead on Peter Jackson’s The Hobbit by making payments to fund production of its two films.