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Business News

MGM Studios asks creditors to agree bankruptcy plan

Metro-Goldwyn-Mayer, the Hollywood film studio behind the Pink Panther films starring Peter Sellers and the James Bond series, has proposed a pre-packaged bankruptcy plan that would wipe out $4bn of its debt and put the founders of Spyglass Entertainment at the helm.

The plan provides for MGM's secured lenders to exchange more than $4bn in outstanding debt for 95.3 per cent of equity in the company upon its emergence from Chapter 11 bankruptcy protection in US. Creditors are due to vote on the plan on 22 October.