Spyglass Attempting to Erase MGM’s Debt; Could Get THE HOBBIT and JAMES BOND 23 Rolling Again

     August 19, 2010

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MGM’s long financial nightmare might be coming to an end.  THR reports that Spyglass Entertainment is attempting to turn all of MGM’s debt into lender equity.  However, “A decision to file the restructuring plan as a prepackaged bankruptcy reorg must be approved by 51% of all lenders and a group representing two-thirds of the amount owed.”  The planned timetable is to put the plan to a vote soon after Labor Day, file for bankruptcy next month, and if all goes well, a reorganization before year’s end.

So what does all this mean for you and me?  It means that there’s an end in sight to MGM’s financial mess.  And once those finances are cleaned up, high profile projects owned by the studio, most notably The Hobbit and the next James Bond movie, can finally move forward.  However, MGM isn’t out of the woods yet, but this is good news for folks that want to return to Hobbiton and/or want to see 007 shoot people in the face.

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