. . . the handwriting is on the wall for MGM, I'm afraid.
I don't know. Things are certainly looking better for MGM today than they were a year ago. In December 2010, the studio exited bankruptcy with new owners and new chief executives.
MGM's reorganization plan wiped out its $5 billion debt, handed over virtually all of its equity to creditors, and installed Spyglass Entertainment chiefs Gary Barber and Roger Birnbaum as CEOs. The company also arranged a $500-million line of credit that will be used to fund operations and the production of new movies, such as "Bond 23," which resumed pre-production and in January 2011 was officially given a release date of 9 November 2012, and "The Hobbit," which MGM is co-financing with Warner Bros.
