James Bond seems set to live another day after debt-ridden film giant MGM secured a deal to end months of financial deadlock, which put the latest 007 movie on ice along with the studio's fate.
Metro-Goldwyn-Mayer, whose catalogue includes the Bond franchise as well as the "Pink Panther" and "Rocky" series, announced a debt-restructuring rescue deal late Friday while rejecting an offer from billionaire Carl Icahn.
In a statement the legendary studio -- famous for its trademark roaring lion logo -- said its lenders had "overwhelmingly approved its proposed plan of reorganization" with US firm Spyglass Entertainment.
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Spyglass was favored over a rival offer by Icahn, who reportedly owns about 800 million US dollars of MGM?s debt, to merge the studio with film producer Lionsgate in which he is the largest shareholder.
"MGM will now move expeditiously to implement that plan, which will dramatically reduce its debt load and put the company in a strong position to execute its business strategy.
Metro-Goldwyn-Mayer, whose catalogue includes the Bond franchise as well as the "Pink Panther" and "Rocky" series, announced a debt-restructuring rescue deal late Friday while rejecting an offer from billionaire Carl Icahn.
In a statement the legendary studio -- famous for its trademark roaring lion logo -- said its lenders had "overwhelmingly approved its proposed plan of reorganization" with US firm Spyglass Entertainment.
Advertisement: Story continues below
Spyglass was favored over a rival offer by Icahn, who reportedly owns about 800 million US dollars of MGM?s debt, to merge the studio with film producer Lionsgate in which he is the largest shareholder.
"MGM will now move expeditiously to implement that plan, which will dramatically reduce its debt load and put the company in a strong position to execute its business strategy.
http://news.smh.com.au/breaking-news...031-178jo.html
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