MGM, FX Luxury, Innkeepers, Tronox, Acorn: Bankruptcy

Metro-Goldwyn-Mayer Inc. and about 160 affiliates filed a prepackaged Chapter 11 petition yesterday in New York. The producer and distributor of movies and television programming said it “anticipates” having the previously negotiated reorganization plan approved in a confirmation order “in approximately 30 days.”

The plan was already accepted by lenders under the credit agreement who will exchange $4.89 billion of debt for “most of the equity,” the company statement said. The plan is being revised to obviate objection from Carl Icahn, who MGM said holds “significant” debt.