Bankruptcy debt $ 4,000,000,000 MGM had shot

 Video: Hollywood MGM declared bankruptcy, had taken


MGM logo.

Netease Entertainment Nov. 4 reported a famous Hollywood film company MGM inability to repay its huge debts and the introduction of new work, on the morning of 3 May declared bankruptcy.

after billionaire investor Carl Icahn and the famous enterprises had purchased 20% of MGM's debt, and committed to promoting the company and its holding company merger Lions Gate Films. Recently, MGM creditors reached an agreement with Icahn, Icahn abandoned plans to merge, agreed to the implementation of pre-set by its bankruptcy program.

to submit the program proposal with the creditors and the biggest difference between entertainment companies on the telescope, the company recently announced Clint Eastwood film and the film starring Julie An MGM spokesman told AFP, Icahn agreed to allow bankrupt the program, the telescope entertainment company's current film project will be within the scope of protection is not in the program. MGM said he hoped a revised plan can be adopted by the Court within 30 days.

MGM will be expected to emerge from bankruptcy protection a month or two, then, the telescope entertainment company founder Gary Barber and Roger Birnbaum, the board will not become a new long-MGM , but only as co-CEO, as well as co-chair of MGM and the major branches of the United executives.

MGM on October 29 announced that the company holds nearly 40 billion of debt the creditors, at least about two-thirds of the creditors and more than half of the creditors voted to approve personal bankruptcy in the intervention group plans, in favor of bankruptcy court's approval number has to meet the minimum number of votes required for a reorganization plan, restructuring of the vote there has been basically cleared obstacles.


MGM is a Hollywood veteran with 86 years of glorious history, film companies, has included the launch of times in the titles and captured the Academy Awards ceremony. In recent years, has not launched a successful film, with arrears of 40 billion in debt, MGM's prospects are very bleak.

MGM bankruptcy reorganization of the road a long way to seek assets


in the past for a long period of time, MGM has been plagued by funding problems efforts to reorganize assets.

2005, by the Texas Pacific Group and Providence Equity Partners led the investment group was injected five billion U.S. dollars to the company's funds. But that the acquisition is implemented mainly through the conversion, MGM did not receive the actual funds, while MGM's debt in the subprime mortgage crisis phase has significant value, which is in debt more. MGM's creditors at least $ 2,000,000,000 looking forward to the purchase price, but before the company and do not want to pay too much, so acquisitions has not been settled.

2008 年 5 months, MGM has hired investment firm Moelis & Co. To help resolve some 140 creditors and debts between. Between shareholders and creditors committee had numerous conversations, negotiations, according to the reorganization of assets to informed sources: > April 2009, MGM has 2 million 5 million workers interest on loans due to June 2011, nearly 10 billion needed to repay the debt and interest. MGM demand for capital is imminent, even though most of the creditors agreed to postpone the debt repayment, it requires over 150 million yuan of funds to maintain the company's operations and film projects.

2009 年 11 months, MGM, and began looking to sell the company after an alliance with other strategic partners. Time Warner, MGM telescope entertainment and so had put forward its own offer, which Warner's offer in April this year, 15 billion; Telescope Pictures bankruptcy reorganization plan proposed by the package, ready to operate at about tens of millions input, to persuade MGM creditors In addition the company also participated in the Access Industries offer competition, including asset injection as well as MGM's 3.7 billion debt refinancing arrangements and so on.

2010 年 8 months, there is news that 40 billion of debt owed by MGM crisis is expected and has films as Once the debt restructuring completed MGM, which immediately took over.

2010 年 10 months, Lions Gate had made about 1.6 to 1.8 billion U.S. dollars of the offer, and get a billionaire, the former chairman of Yahoo, investor Carl Icahn (Carl Icahn) to support. Lions Gate Icahn said he supported the proposed merger with MGM, Lions Gate because of the merger will enhance the value of the stock. And the proposed acquisition of MGM and the telescope is better than the company's merger proposal. But this has not been proposed by MGM.

MGM Company

1924 年, Metro Pictures, Goldwyn Pictures and Louis B. Mayer Pictures Motion Picture Group merged to form MGM (MGM), the company borrowed the motto of the British doctrine of aestheticism - One of five major Hollywood studios.

accompanied by the establishment of MGM's Clark Gable, Spencer Tracy, Cary Grant, Joan Crawford, Katharine Hepburn, Greta Garbo, Elizabeth Taylor Hollywood stars such as creating a golden age, the company's logo - the bird before the movie starts roaring lion is also known for the fans. MGM film company shot the film in the history of one of the best movies of Arts and Sciences, and introduced the Academy Awards (the Oscars).

Leo MGM lion logo was seen as a symbol of the United States, it's star studded, has created the myth of a film released every week.

star studded

Clark Gable, Spencer Tracy, Cary Grant, Joan Crawford, Katharine Hepburn, Greta Garbo, Elizabeth Taylor, who were both services here. Were produced before the twentieth of 40 Academy Award winner and film, one of the 11 films in the MGM release obtained at a time when there are eight major Hollywood studios. This 11 winners star in, including Spencer Tracy, Robert Donat, Sheila Cary Grant and Norma, Geliyajia Johnson, 费雯丽哈利, Ingrid Bergman, etc. superstar.

(This article Source: Netease Entertainment)