MGM Files for Chapter 11

In Los Angeles, Metro-Goldwyn-Mayer Inc. moved forward with filing for Chapter 11 bankruptcy protection on Wednesday.  The new plan was pursued to secure the backing of the Hollywood studio's creditors and put the funding of "The Hobbit" back on track. 

It is reported that the bankruptcy should move rather quickly and some call the plan "prepackaged".  Essentially, MGM lenders will swap $4 billion in debt for stock in a new company that is valued at $2 billion.

Billionaire, Carl Icahn, was involved in the pre-filing proceedings.  At first, he backed the studio's rival, by Lions Gate Entertainment Corp.  Last week, he started to support Spyglass and threw his weight into the bankruptcy plan.

If you are thinking about filing for bankruptcy in San Antonio, contact the Malaise Law Firm to work with a skilled San Antonio bankruptcy attorney who can advise you of your options and help you move forward with your plans.