* MGM files Chapter 11
* Icahn says supports prepackaged bankruptcy
NEW YORK (Reuters) - Metro-Goldwyn-Mayer Studios
Inc, one of Hollywood's most storied film studios, filed for
bankruptcy protection Wednesday after struggling for years
to reduce its debt load.
Carl Icahn, the billionaire investor, said he has reached
an agreement with MGM and lenders to support the studio in a
prepackaged Chapter 11 bankruptcy.
He said that under the plan, MGM would adopt corporate
governance changes, and not acquire the Cypress film library.
Icahn also said he would have the right to appoint a director
to MGM's board once the company emerged from bankruptcy.
MGM and dozens of affiliates sought protection from
creditors with the U.S. bankruptcy court in Manhattan, court
records show.
(Reporting by Jonathan Stempel, editing by Gerald E.
McCormick)
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