The tough economic times are falling hard on Metro-Goldwyn-Mayer Studios. The age-old Hollywood studio has filed for Chapter Eleven bankruptcy. The move puts MGM under the control of two executives who head up the Spyglass Entertainment film company. MGM agreed to concessions with billionaire financier Carl Icahn, one of its largest debtholders, to gain his support of its restructuring plan. MGM executives say they expect a federal bankruptcy judge to approve the restructuring in about 30 days. The studio expects to raise 500-million dollars upon emerging from bankruptcy to fund its operations, including the production of films and television series.
Known for its roaring lion logo, MGM controls the James Bond movie franchise and has produced classic films that include "The Wizard of Oz"' and "Ben-Hur." Due to MGM's debt troubles, production of a proposed 23rd James Bond film has been suspended indefinitely along with other film projects.
