Mgm Debt Plan Essay

258 Words2 Pages
Noah Wind 10/07/2010 MGM's Creditors Voting on Debt Plan The movie studio MGM has been around for a long time so to hear that they are declaring bankruptcy was a shocker to me. This move will allow them to clear all their debt, but it is going to be taken over by a rival movie studio. Step number one is going to be presenting its restructuring plan to debt holders. This will let people know where they stand with the company and let them know that they are going out of business and will be bought out by Spy Glass Entertainment. Creditors for MGM have to approve the deal by October 22nd, and they hope to gather enough voters so that when they do go bankrupt the other company can start it right back up. To be in goodwill with the judge
Open Document