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MGM DEBT HAS BEEN RESOLVED!


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#41 of 61 OFFLINE   SWFF

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Posted October 11 2010 - 04:17 AM

The latest from MANIA.com:


It looks like fans are that much closer to seeing James Bond and The Hobbit back in action, Maniacs. While there's still a few details to work out under Chapter 11 Bankruptcy Protection, MGM has passed along the following announcement of a reorganization plan in which Spyglass Entertainment takes control of the studio. Check out the statement down below and sound off with your thoughts.


Metro-Goldwyn-Mayer Inc. (MGM) today announced that it has begun a solicitation of votes from its secured lenders for a pre-packaged plan of reorganization (the "Plan").


MGM expects to continue normal business operations throughout the restructuring process. The Plan provides for MGM's employees, vendors, participants, guilds, and licensees to be unimpaired.


The Plan provides for MGM's secured lenders to exchange more than $4 billion in outstanding debt for approximately 95.3 percent of equity in MGM upon its emergence from Chapter 11. Spyglass Entertainment would contribute certain assets to the reorganized company in exchange for approximately 0.52 percent of the reorganized company. In addition, two entities owned by Spyglass affiliates – Cypress Entertainment Group, Inc. and Garoge, Inc. – will merge with and into a subsidiary of MGM, with the MGM subsidiary as the surviving entity. The stockholders of Cypress and Garoge will receive approximately 4.17 percent of the reorganized company in exchange.


Following the receipt of the requisite consents from secured lenders during the solicitation period, and in order to implement the debt restructuring, MGM intends to commence pre-packaged Chapter 11 cases under the U.S. Bankruptcy Code and seek confirmation of the Plan. Gary Barber and Roger Birnbaum, currently Co-Chairman and Chief Executive Officer of Spyglass Entertainment, would serve as the Co-Chairman and Chief Executive Officer of MGM following the company's emergence from Chapter 11.


The deadline for the Company's secured lenders to vote on the Plan is October 22, 2010, unless extended. Only holders of secured debt as of October 4, 2010 under MGM's April 8, 2005 Credit Agreement will be solicited. 



#42 of 61 OFFLINE   ahollis

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Posted October 12 2010 - 02:21 AM

A new wrinkle in the MGM deal - from today's Variety


Debt pushes MGM closer to Lionsgate merger

Carl Icahn rebids to lay with the Lion

By TOM LOWRY  

For months, top execs at Lionsgate Entertainment have fought activist shareholder Carl Icahn and his advances to take control of their company. But now it seems there is a détente as the two sides team up to push for a merger between Lionsgate and debt-ridden MGM. In documents filed on Monday, Lionsgate said it had sent a proposal earlier in the day to MGM management regarding a potential "business combination." The company said it made the proposal after holding detailed discussions with Icahn. It added that in addition to Icahn, who holds a 33% stake in Lionsgate, the other top shareholders, MHR Fund Management and Capital Research, support a tie-up with MGM.

The offer comes just as MGM is moving ahead with plans for a pre-packaged bankruptcy after which the company would emerge in combination with Spyglass Entertainment, a plan that came to be following discussions this summer with MGM's largest creditors, Anchorage Advisors and Highland Capital. Spyglass toppers Gary Barber and Roger Birnbaum would serve as the top executives of the new company. Under that scenario, lenders would exchange $4 billion in debt for a 95.3% stake; Spyglass and its affiliates would hold the remaining stake. The deadline for MGM's more than 100 lenders to vote on the plan is Oct. 22. The plan would require more than 50% approval from debtholders.

But the Lionsgate offer, with Icahn's support (he also owns debt in MGM,) could very well foil plans for a pre-packaged bankruptcy. This is the second attempt by Lionsgate to merge with MGM. Earlier this year, a $1.4 billion offer from Lionsgate was spurned by MGM.

The Lion would give Lionsgate, a leading mini-major best known on the feature side for Tyler Perry comedies, "Precious" and the "Saw" franchise, and in TV for shows like "Mad Men," "Weeds" and "Nurse Jackie," a library of 4,000 films, including the James Bond franchise.

Details of a proposed Lionsgate-MGM combination were not disclosed in the public filing. But The Los Angeles Times reported that MGM's debtholders would have a 55% stake in the new company.

"The question then for MGM's creditors is 'Do I want a larger stake in company with less scale, or do I want a smaller stake in essentially what would be a mini-maxi major?," said David Bank, an analyst at RBC Capital Markets.

"This offer is definitely worthy of consideration on the part of MGM debtholders," said Bank. In terms of Lionsgate and Icahn playing nice now, Bank added: "Maybe we should have seen this coming, but everything in this process has been strange with Icahn."

Executives at Lionsgate, MGM and Spyglass could not be reached Tuesday morning.



Read more: http://www.variety.c...1#ixzz129bmLxqF
Visit Variety.com to become a Variety subscriber.  

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#43 of 61 OFFLINE   SWFF

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Posted October 15 2010 - 12:12 PM

Here's the latest. I don't think it matters who wins, those genre flicks are still gonna remain under lock and key.

MGM grants more time on Spyglass vote

Lionsgate proposal may have pushed back deadline

By DAVE MCNARY

 
MGM's debtholders will have another week to consider a bankruptcy plan that would leave Spyglass Entertainmemt toppers in charge -- a sign that a rival merger proposal from Lionsgate may have gained traction among the MGM lenders.


MGM announced late Friday afternoon that Oct. 29 is the new deadline for endorsing the Spyglass plan. The troubled studio said it had distributed a supplement to the solicitation package that was sent Oct. 7 with additional details about its financial information.


"In order to provide lenders sufficient time to review the supplemental information, MGM has extended the voting deadline by one week," MGM said.

The materials have been sent to more than 100 MGM lenders for approval of the plan which calls for Spyglass toppers Gary Barber and Roger Birnbaum to manage a merged Spyglass-MGM operation following a pre-packaged bankruptcy. Earlier this week, Lionsgate unveiled its offer in which debtholders would emerge with 55% of the combined company.


MGM has continued to have no comment on how the new bid from Lionsgate would be handled. Lionsgate had no comment Friday on MGM's one-week extension of the deadline.


The Spyglass plan calls for Barber and Birnbaum to manage a merged operation once MGM's pre-packaged bankruptcy's approved in court, wiping out the equity holders and leaving Spyglass with a 5% holding. That process is expected to take about 30 days once the filing's made.


Lionsgate three largest shareholders -- Carl Icahn, Mark Rachesky's MHR Fund Management and Gordon Crawford's Capital Research Global Investors -- support Lionsgate's merger proposal, which offers about $1.8 billion in stock and debt and leaves MGM debtholders with a 55% stake in the new company.


Lionsgate's proposed merger would combine two of Hollywood's biggest libraries and a significant presence in film and TV production and distribution.

Wall Street appeared to endorse the Lionsgate-MGM deal with Lionsgate shares rising 21 cents to $7.65 in trading on the New York Stock Exchange – a two-year high for the stock.


Also on Friday, Standard & Poor's Ratings Services issued an improvement in its outlook for current B- credit rating for Lionsgate in the wake of the merger proposal. S&P had placed the rating on CreditWatch with negative implications in March after Icahn launched a hostile takeover offer.

"MGM has one of the industry's largest film libraries, and it produces the lucrative James Bond films," S&P said. "A combination with Lionsgate would bring significant additional film library assets and cash flow, but could entail substantial production funding and financing needs if the new company's management pursues an active production strategy under the MGM brand."  



#44 of 61 OFFLINE   Stephen_J_H

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Posted October 25 2010 - 10:50 AM

Personally, I like the synergy between the MGM lion and Lionsgate. Posted Image


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#45 of 61 OFFLINE   SWFF

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Posted October 30 2010 - 03:27 AM

Don't know why I'm so excited about that, still don't know what that means for those genre flicks locked up in MGM's vault.


SPYGLASS WINS!


DEADLINE: UPDATE: The creditors have now officially approved the restructuring plan that puts the Spyglass chiefs atop MGM and gets the studio moving again. A statement will be released momentarily. Now, the fun begins. If MGM isn't a distributor, the next installment of James Bond will be a jump ball. Expect Sony (which distributed Casino Royale to battle it out with Warner Bros and Fox, but watch Paramount emerge in the thick of it because of the close relationship that the studio has developed with Spyglass since that company became co-financier of Star Trek and the followup that is in the works.



#46 of 61 OFFLINE   Nebiroth

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Posted October 31 2010 - 05:35 AM

Nothing whatever....aside from making releases even less likely, perhaps.


The current state of the economy and DVD market, plus the experienc eof the last round of releases, virtually guarantee a new management won;t touch the vaults with a bargepole; they'll just be interested in the money machines like Bond.


The only glimmer might be that they will copy the MOD programs. Fat profits with minimal outlay there, by issuing substandard releases at premium prices.

Originally Posted by SWFF 

Don't know why I'm so excited about that, still don't know what that means for those genre flicks locked up in MGM's vault.




#47 of 61 OFFLINE   SWFF

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Posted October 31 2010 - 06:40 AM

I looked them up on the web, and found an address, I may send them a friendly letter with a list of movies MGM owns, asking that they don't neglect them for too long.



#48 of 61 OFFLINE   Dick

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Posted October 31 2010 - 11:10 AM

Just the remaining Bond series on Blu would make me happy as hell. Maybe next year.



#49 of 61 OFFLINE   Will*B

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Posted October 31 2010 - 04:11 PM



Originally Posted by Dick 

Just the remaining Bond series on Blu would make me happy as hell. Maybe next year.


Posted Image Posted Image Posted Image


 

 


#50 of 61 OFFLINE   Matt Hough

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Posted November 01 2010 - 12:27 AM

The Bonds, of course, are a top priority, but there are many, many other classic films in the MGM/UA domain that I would want to have on Blu-ray (Some Like It Hot, West Side Story, Women in Love, Witness for the Prosecution, Inherit the Wind, Judgment at Nuremberg, The Miracle Worker come immediately to mind).



#51 of 61 OFFLINE   Garysb

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Posted November 01 2010 - 08:43 AM



Originally Posted by Dick 

Just the remaining Bond series on Blu would make me happy as hell. Maybe next year.


Bonds in blu won't be released until there is a new Bond film to cross promote. Half will be released when the new film is in theaters, the rest when the new film comes to blu ray / DVD.


It would be nice if West Side Story were released in blu in 2011 as that is the 50th anniversary of the film's release.



#52 of 61 OFFLINE   GMpasqua

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Posted November 01 2010 - 08:45 AM

Chances are they'll exploit the vault to make some quick cash - esp with Blu-ray heading to 20% of US households


This fall many catalog titles have made it into the top ten sales of the week:


Psycho

Beauty and the Beast

Apocalypse Now

The Rocky Horror Picture Show

Back to the Future


I'm sure strong sales of "The Sound of Music" and "Bridge on the River Kwai" will help (maybe even  "Chitty Chitty Bang Bang" with Christmas coming up)


"West Side Story" is planned for Blu-ray release after the Theaterical re-release



#53 of 61 OFFLINE   MatthewA

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Posted November 01 2010 - 09:12 AM



Originally Posted by MattH. 

The Bonds, of course, are a top priority, but there are many, many other classic films in the MGM/UA domain that I would want to have on Blu-ray (Some Like It Hot, West Side Story, Women in Love, Witness for the Prosecution, Inherit the Wind, Judgment at Nuremberg, The Miracle Worker come immediately to mind).



I agree with you there, especially on the last four which never even got anamorphic DVDs. The United Artists B&W films of the 1950s and early 1960s have a consistent style about them that's always appealed to me.


Enough is enough, Disney. No more evasions or excuses. We DEMAND the release Song of the South on Blu-ray along with the uncut version of Bedknobs and Broomsticks on Blu-ray. I am going to boycott The Walt Disney Company until then.


#54 of 61 OFFLINE   Dick

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Posted November 03 2010 - 08:44 AM



Originally Posted by MattH. 

The Bonds, of course, are a top priority, but there are many, many other classic films in the MGM/UA domain that I would want to have on Blu-ray (Some Like It Hot, West Side Story, Women in Love, Witness for the Prosecution, Inherit the Wind, Judgment at Nuremberg, The Miracle Worker come immediately to mind).


I have a feeling that Criterion will continue releasing some of the classic United Artists titles, including some of those you mention above. PATHS OF GLORY and NIGHT OF THE HUNTER have been a great start, and I hear that SWEET SMELL OF SUCCESS may be on the way. It would be great to see these in stunning new  anamorphic 1.66:1 transfers with the usual requisite bonus features.



#55 of 61 OFFLINE   Brandon Conway

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Posted November 03 2010 - 09:14 AM

Sweet Smell of Success has been confirmed to be coming via Criterion.


Red River and The Killing are all but confirmed.


"And now the reprimand, from an American critic. He reproaches me for using film as a sacred & lasting medium, like a painting or a book. He does not believe that filmmaking is an inferior art, but he believes, and quite rightly, that a reel goes quickly, that the public are looking above all for relaxation, that film is fragile and that it is pretentious to express the power of one's soul by such ephemeral and delicate means, that Charlie Chaplin's or Buster Keaton's first films can only be seen on very rare and badly spoiled prints. I add that the cinema is making daily progress and that eventually films that we consider marvelous today will soon be forgotten because of new dimensions & colour. This is true. But for 4 weeks this film [The Blood of a Poet] has been shown to audiences that have been so attentive, so eager & so warm, that I wonder after all there is not an anonymous public who are looking for more than relaxation in the cinema." - Jean Cocteau, 1932


#56 of 61 OFFLINE   Marcel H.

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Posted November 03 2010 - 09:41 AM

Killer's Kiss as well.


Recently bought: Tracy & Hepburn the Definitive Coll., The Mountain, Rope of Sand, Taxi Driver (BD), Heroes of Telemark, Night of the Generals
Pre-Order: Knock on Any Door, The Outlaw Josey Wales (BD), The Man Who Would Be King (BD), Night Flight, The Hustler (BD)...
My Collection
 

#57 of 61 OFFLINE   Brandon Conway

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Posted November 05 2010 - 11:07 AM

Latest Criterion newsletter has a clue for Blow Out, so there's another MGM title licensed by Criterion confirmed.


"And now the reprimand, from an American critic. He reproaches me for using film as a sacred & lasting medium, like a painting or a book. He does not believe that filmmaking is an inferior art, but he believes, and quite rightly, that a reel goes quickly, that the public are looking above all for relaxation, that film is fragile and that it is pretentious to express the power of one's soul by such ephemeral and delicate means, that Charlie Chaplin's or Buster Keaton's first films can only be seen on very rare and badly spoiled prints. I add that the cinema is making daily progress and that eventually films that we consider marvelous today will soon be forgotten because of new dimensions & colour. This is true. But for 4 weeks this film [The Blood of a Poet] has been shown to audiences that have been so attentive, so eager & so warm, that I wonder after all there is not an anonymous public who are looking for more than relaxation in the cinema." - Jean Cocteau, 1932


#58 of 61 ONLINE   Charles Smith

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Posted November 06 2010 - 01:54 AM

Damn it all, I seem to have fallen off Criterion's mail list once again.  Thanks for the reminder.



#59 of 61 OFFLINE   ron619

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Posted December 20 2010 - 11:11 AM

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#60 of 61 OFFLINE   thomasrobert

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Posted December 23 2010 - 05:43 PM

MGM motion picture group Chairwoman Mary Parent, who has been running day-to-day operations.

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