{"id":11498,"date":"2010-11-04T17:23:50","date_gmt":"2010-11-05T00:23:50","guid":{"rendered":"http:\/\/stargate-sg1-solutions.com\/blog\/?p=11498"},"modified":"2010-11-04T20:16:37","modified_gmt":"2010-11-05T03:16:37","slug":"mgm-files-for-bankruptcy","status":"publish","type":"post","link":"https:\/\/stargate-sg1-solutions.com\/blog\/2010\/11\/mgm-files-for-bankruptcy\/","title":{"rendered":"MGM Files for Bankruptcy"},"content":{"rendered":"

After extended negotiations, MGM has finally filed for Chapter 11 bankruptcy. Under a pre-packaged deal, investors with equity in MGM will lose their equity, while those holding MGM debt will become partial owners. From this article in The LA Times<\/a>:<\/p>\n

Under the pre-packaged bankruptcy plan, MGM’s $4 billion worth of debt, upon which it could no longer afford to pay interest, will be converted into more than 99% of the equity in the studio, which is valued at $1.9 billion. Spyglass principals Gary Barber and Roger Birnbaum will become co-chief executives and co-chairmen, running a slimmed-down MGM with significantly less overhead and start producing new movies, including a James Bond sequel and two films based on “The Hobbit” that will be co-financed with Warner Bros.<\/p><\/blockquote>\n

The main point of interest for Stargate fans is that the studio will be seeking a new infusion of funding to start producing new movies. From this article in Variety<\/a>:<\/p>\n

“Upon its exit from bankruptcy, MGM expects to raise approximately $500 million in financing to fund operations, including production of a new slate of films and television series,” the studio said Wednesday. “MGM will retain ownership of all of its assets.”<\/p><\/blockquote>\n

Now that the bankruptcy is finally moving forward, perhaps MGM will have a new look at the feasibility of making the long-awaited straight-to-DVD movies for Stargate: SG-1<\/a> and Stargate Atlantis<\/a>. That is only speculation, however.<\/p>\n","protected":false},"excerpt":{"rendered":"

After extended negotiations, MGM has finally filed for Chapter 11 bankruptcy. Under a pre-packaged deal, investors with equity in MGM will lose their equity, while those holding MGM debt will become partial owners. From this article in The LA Times: Under the pre-packaged bankruptcy plan, MGM’s $4 billion worth of debt, upon which it could … Continue reading “MGM Files for Bankruptcy”<\/span><\/a><\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"footnotes":""},"categories":[1,6],"tags":[],"class_list":["post-11498","post","type-post","status-publish","format-standard","hentry","category-news","category-press"],"_links":{"self":[{"href":"https:\/\/stargate-sg1-solutions.com\/blog\/wp-json\/wp\/v2\/posts\/11498","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stargate-sg1-solutions.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stargate-sg1-solutions.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stargate-sg1-solutions.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/stargate-sg1-solutions.com\/blog\/wp-json\/wp\/v2\/comments?post=11498"}],"version-history":[{"count":2,"href":"https:\/\/stargate-sg1-solutions.com\/blog\/wp-json\/wp\/v2\/posts\/11498\/revisions"}],"predecessor-version":[{"id":11503,"href":"https:\/\/stargate-sg1-solutions.com\/blog\/wp-json\/wp\/v2\/posts\/11498\/revisions\/11503"}],"wp:attachment":[{"href":"https:\/\/stargate-sg1-solutions.com\/blog\/wp-json\/wp\/v2\/media?parent=11498"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stargate-sg1-solutions.com\/blog\/wp-json\/wp\/v2\/categories?post=11498"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stargate-sg1-solutions.com\/blog\/wp-json\/wp\/v2\/tags?post=11498"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}