MGM bankruptcy pre-pack

Metro-Goldwyn-Mayer (MGM) has proposed a pre-packaged bankruptcy plan that would wipe out $4 billion in debt and put the founders of Spyglass Entertainment at the helm.

The plan provides for MGM’s secured lenders to exchange more than $4 billion in outstanding debt for 95.3 per cent of equity in the company upon its emergence from Chapter 11, the company said.

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