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Entertainment & Sports

Oct. 8, 2010

MGM Close to Filing Bankruptcy Plan

Debt-burdened movie studio Metro-Goldwyn-Mayer will begin circulating a reorganization plan among lenders as early as Thursday, sources familiar with the matter said.

By Jean-Luc Renault

Daily Journal Staff Writer

LOS ANGELES - Debt-burdened movie studio Metro-Goldwyn-Mayer might begin circulating a reorganization plan among lenders as early as today. The long-awaited move brings the studio one step closer to filing for Chapter 11.

Lenders will have to approve of the proposed plan that would swap $3.7 billion in debt into equity, before the studio can file a pre-packaged Chapter 11 plan wit...

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