Mgm Emerges From Bankruptcy Protection
Leo the Lion roared back to life on Monday as MGM said that it had emerged from bankruptcy protection with $500 million to fund new movies and television shows. The company is now owned by its previous lenders, who had agreed to swap debt for equity and installed Spyglass Entertainment chiefs Gary Barber and Roger Birnbaum as co-chairmen and -CEOs. In a statement, the pair said, "Beginning today, MGM is a stronger, more competitive company, with a solid financial foundation and a bright future. ... We are honored 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 platforms." The new lease on life for the studio also resulted in coals placed in the Christmas stockings of about 45 MGM staffers who were laid off as part of the company's reorganization plan.