o t9 B! g5 }! m$ e% E0 d1 GMGM Soon to Enter Bankruptcy " u0 U! h5 C, w* X+ i: t1 t: M. y$ a
MGM is looking towards entering bankruptcy soon./ [+ Q' M p" f" p
& T3 t/ g. a3 d, KThe U.S. film studio, full name, Metro-Goldwyn Mayer Inc. says it has received enough votes for a reorganization plan to go ahead. 2 ]3 p6 ]! ^4 b* Y
1 ?. U, s0 m' F" o* D1 g7 OThe studio said MGM creditors "overwhelmingly" approved what amounts to a prepackaged bankruptcy plan, The Wall Street Journal reported Saturday.5 |& I2 s3 |+ s- E' \
# T* F9 o7 T M8 a( I1 N- d9 F9 z- V- jThe plan includes having Spyglass Entertainment co-founders Gary Barber and Roger Birnbaum take over as co-chief executive officers, the Journal said.+ E0 b+ A1 \7 O& E9 S M/ e g
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The pre-bankruptcy dramatics included a failed bid by activist shareholder Carl Icahn to buy enough shares to turn MGM over to rival Lions Gate Entertainment Corp. rather than Spyglass.0 d7 v" q7 m' O; I
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In recent months, Icahn has been trying to gain control of Lions Gate, which filed suit against the investor this week, alleging he had bungled the MGM bid by secretly purchasing MGM shares after first coming out against an MGM-Lions Gate merger.