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WORLD

MGM bust but merger keeps cameras rolling

05.11.2010 [21:35]
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Baku, November 5 (AZERTAC). The Hollywood studio behind classic films as Gone with the Wind and The Wizard of Oz has gone bust - MGM filed for bankruptcy yesterday

But the cameras may yet start rolling again as the move is part of a strategy to save the studio through a merger.

With £2.5nn of debt, the studio has been forced to shelve making the latest James Bond film. This has led to plans for a 23rd film in the 007 series being put on hold.

Yesterday`s bankruptcy filing in a New York court followed months of speculation over the future of MGM, whose initials stand for Metro Goldwyn Mayer and is familiar to film fans for its roaring lion title scene.

MGM chiefs rejected a hostile takeover bid from billionaire investor Carl Icahn. Instead they filed a `pre-packaged` bankruptcy plan which, they said, should allow them to restart making films. More than 100 creditors agreed to the move.

MGM is being merged with Spyglass Entertainment whose bosses will lead the new firm.

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