TV News LIES

Wednesday, Aug 20th

Last update09:11:45 PM GMT

You are here News Economy Film studio MGM bankruptcy plan announced

Film studio MGM bankruptcy plan announced

E-mail Print PDF

MGM bankruptHollywood film studio Metro Goldwyn Mayer has begun plans to file for bankruptcy protection in an effort to rid itself of $4bn (£2.5bn) of debts. The studio is asking more than 100 of its creditors to approve a plan that will see it enter chapter 11 bankruptcy while it restructures.

Creditors will get a 95% stake in the company as part of the deal. MGM said it would continue to operate as normal during the bankruptcy procedures.

The plans follow months of speculation over the future of MGM, which has struggled with large debts, a lack of blockbuster film releases, and a downturn in DVD sales.

Earlier this year, the studio put itself up for sale, but failed to find suitable bidders.

More...


Most Recent Related Stories...


Labor sharks sink teeth into low-wage immigrant workers

Wage theftWhen Ophelia Hernández, a 53-year-old clothing store owner from El Salvador, got working papers to come...

Report: 18 firms hold a third of US wealth

major corporations in USIncome inequality is a hot political topic and a report showing that a small number of...

Cisco to cut another 6,000 jobs as forecast falls flat

Cisco layoffsCisco Systems Inc (CSCO.O) forecast tepid current-quarter results and said it plans to cut another 6,000...

The 1% May Be Richer Than You Think, Research Shows

super richThe 1 percent is literally rich beyond measure, depriving nations of billions in tax revenue and...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!