MGM watch: bankruptcy court approves studio’s reorganization plan

Metro-Goldwyn-Mayer Inc., home studio of the James Bond movies, today won the approval of U.S. Bankruptcy Court in New York for MGM’s reorganization plan.

MGM said in a statement that it expects to exit bankruptcy in mid-December. Studio lenders will exchange about $5 billion in debt and interest for a stake in the new MGM, that will be run by Gary Barber and Roger Birnbaum, the co-founders of Spyglass Entertainment.

The development comes less than a month after MGM filed for bankruptcy. In its filings, MGM said it wants to take Agent 007 off hiatus and have Bond 23 out in November 2012. MGM and Eon Productions jointly control the 007 franchise, and Eon said in April it was suspending development of the film while MGM worked through its financial troubles.

For more, you can read a story at Bloomberg.com BY CLICKING HERE. To read Reuters’s story (the news service that once employed 007 creator Ian Fleming), just CLICK HERE.