Pursuits
MGM Studios Wins Approval to Use Cash in Bankruptcy
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Metro-Goldwyn-Mayer Studios Inc., distributor of the James Bond and Rocky movies, won temporary permission to use its cash to operate while it reorganizes in bankruptcy with support from billionaire Carl Icahn.
U.S. Bankruptcy Judge Stuart Bernstein in Manhattan today approved MGM’s request to use the collateral. JPMorgan Chase & Co. is the agent for the lenders. Bernstein set a Dec. 2 date for a hearing in which MGM would seek final approval of its reorganization plan and the use of cash.