MGM Looks to File for Bankruptcy Protection

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MGM Looks to File for Bankruptcy Protection - NYTimes.com

From the article:

"The next chapter for Hollywood’s storied film studio Metro-Goldwyn-Mayer: Chapter 11, if the company has its way.After months of negotiations over roughly $4 billion in its debt, MGM said Thursday it had begun soliciting votes from secured lenders in support of a pre-packaged reorganization under Chapter 11 of the United States Bankruptcy Code." ...

... "Since 2004, MGM has been owned by a consortium that includes Sony, Comcast and the investment firms Providence Equity Partners and TPG. The buyers paid about $5 billion for the studio at the peak of a DVD-driven boom in film revenue, but later watched it slide as the entertainment economy deteriorated and films came up short."
 
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