Official press release from MGM confirms plan approved by vote
MGM has issued an official press release confirming that debt-owners supported the plan voted on yesterday (Friday 29th October) to swap their debt for equity after the company emerges from pre-packaged bankruptcy.
Metro-Goldwyn-Mayer Inc. (âMGMâ) today announced that the secured lenders voting in the Companyâs solicitation process have overwhelmingly approved its proposed plan of reorganization (âPlanâ).
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. MGM is appreciative of the lendersâ support.
Thanks to `Samuel 001` for the alert. Discuss this news here...