Getting your player ready...
LOS ANGELES — Metro-Goldwyn-Mayer Inc. said Thursday it has begun seeking its creditors’ approval on a prepackaged bankruptcy plan in which they would exchange more than $4 billion in debt for equity in a new company that has rights to the James Bond franchise and the upcoming two-part movie series “The Hobbit.”
Privately held production company Spyglass Entertainment will contribute some assets and merge two subsidiaries into MGM for a 4.69 percent stake in the company, according to the plan.
