October 26, 2016  

Coming Out of Bankruptcy, MGM Moving On With 'Bond 23'

December 22, 2010 (3:57 am) GMT
The company which spiraled into debt has now come up with a restructuring plan, including the start of production on new 'James Bond' film and 'The Hobbit'.

Hollywood film studio Metro-Goldwyn-Mayer (MGM) is officially out of bankruptcy, movie bosses have announced. The company has spiraled into debt in recent years, leaving a number of high profile film projects on hold, including "Lord of the Rings" prequel "The Hobbit" and the next "James Bond" picture.

Last month, executives filed for bankruptcy and announced plans for a massive debt-restructuring deal with bosses at Spyglass Entertainment, the U.S. company behind "" and "", who are taking over the running of MGM.

U.S. bankruptcy judge Stuart Bernstein approved the Hollywood studio's restructuring plan at a hearing in New York earlier this month - and on Monday, December 20 heads at the studio revealed they have now come out of bankruptcy with $500 million thanks to the effective restructuring, reports Deadline.

Gary Barber and Roger Birnbaum, the co-chairmen and chief executive officers of MGM, tell the website, "MGM is emerging from one of the most challenging periods of its storied history. We are honoured and inspired at the opportunity of leading one of Hollywood's most iconic studios into its next generation of unforgettable filmmaking, global television production and distribution, and aggressively pursuing, developing and exploiting new digital entertainment platforms."

"Beginning today, MGM is a stronger, more competitive company, with a solid financial foundation and a bright future. We look forward to working with MGM's dedicated employees to build upon this company's legacy."


  1. Katy Perry Celebrates 32nd Birthday by Voting for Hillary Clinton and Hitting Kanye West's Concert
  2. 'Knight Rider' Gets Reboot From Producer Justin Lin
  3. Donnie Wahlberg, and Not Kim K., Sets Guiness World Record for Most Selfies in 3 Minutes
  4. Benedict Cumberbatch Channels Doctor Strange to Diagnose the Avengers in New Promo Clip
  5. Taylor Swift's Alleged Groping Photo Leaks Despite Sealed by Judge
  6. Nicole Richie Doesn't Regret Her Wild Past: I Was Just 'Being Me'
  7. Lady GaGa Makes a Japanese Bride Extra Happy With This Sweet Gesture. Watch It!
  8. 'Rogue One': Gareth Edwards Teases Ben Mendelsohn's 'Working Class' Character