Pursuits
MGM Studios Exit Loan, Breakup Fee Win Approval
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Metro-Goldwyn-Mayer Studios Inc., distributor of the James Bond and Rocky movies, won court permission to take out a $500 million exit loan, paving the way for confirmation of its bankruptcy plan in 20 days.
U.S. Bankruptcy Judge Stuart Bernstein in Manhattan today also approved a $4 million breakup fee. The fee will be paid to Spyglass Entertainment Group Inc. if it suffers any loss or damage from a breach of its agreement with the studio. Spyglass executives Gary Barber and Roger Birnbaum will run MGM after its bankruptcy.