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MGM Files Chapter 11 Bankruptcy

Wednesday, 03 Nov 2010 10:57 AM

 

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* 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)

© 2014 Thomson/Reuters. All rights reserved.

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