MGM watch: studio extends creditor vote 1 week to Oct. 29

Metro-Goldwyn-Mayer Inc. extended by one week, to Oct. 29, the time for its creditors to vote on a plan where Spyglass Entertainment’s top executives would take control of MGM after the studio went through a “prepackaged” bankruptcy. The move further delays when the fate of Bond 23 can be settled.

The press release WHICH YOU CAN VIEW FOR YOURSELF BY CLICKING HERE, doesn’t give much in the way of details.

LOS ANGELES, Oct. 15 /PRNewswire/ — Metro-Goldwyn-Mayer Inc. (MGM), today distributed a supplement to the solicitation package that was originally distributed to MGM’s secured lenders on October 7, 2010. The supplement contains additional details to the Company’s financial information included in the original solicitation materials. In order to provide lenders sufficient time to review the supplemental information, MGM has extended the voting deadline by one week to 5:00 PM ET on October 29, 2010.

Two days earlier, Lions Gate Entertainment, which is allied with investor Carl Icahn in making a play for MGM, said why creditors should cast their lot with that company. YOU CAN READ THAT PRESS RELEASE BY CLICKING HERE. Here’s part of the sales pitch:

This is a unique, once in a lifetime opportunity to create a dynamic, forward-looking studio that unlocks tremendous potential value for Lionsgate’s shareholders and MGM’s various stakeholders,” said Lionsgate Co-Chairman and Chief Executive Officer Jon Feltheimer and Vice Chairman Michael Burns. “A Lionsgate merger with MGM is a natural fit that would bring together two of the most powerful libraries in the world, create significant cost savings, consolidate our mutual global channel operations and generate significant incremental revenue and cash flow. It would create a combined entity with enough scale to leverage all of our distribution platforms worldwide.”