In an act that can only conjure exasperated cries of "About time!" from film industry watchers the world over, Bloomberg reports that the long-suffering MGM has finally filed for bankruptcy, turning down a takeover bid from Lions Gate. The new plan will bring in managers from Spyglass Entertainment and help extinguish the 86-year-old company's $4 billion in debt. For all you financially minded folks in the audience, here's a quote from Stephen Cooper, the man who guided Enron through the Chapter 11 process and who will now do the same for MGM:
"A balance sheet restructuring was the only viable alternative for the company to continue to operate as a going concern...By sharply reducing MGM's debt load and providing access to new capital, the proposed plan of reorganization achieves these goals."
So, uh, yeah. What he said. But let's move on. As sad as it may be to see the MGM lion take a pretty steep fall, you don't come to Cinematical to read about financial gobbledygook, do you? No! You come here to read about movies! What about the status on the 'The Hobbit' and the still-untitled 23rd James Bond adventure, two films that have been caught in a meticulously reported Production Hell for several years now?