By Kevin McCauley
Rubenstein Communications is handling the pre-packaged Chapter 11 filing of the fabled MGM Studios, home of the Wizard of Oz, Ben Hur and James Bond.
Creditors have approved a plan to forgive more than $4B in debt in a revamped MGM that will be run by Spyglass Entertainment co-founders Gary Barber and Roger Birnbaum. Spyglass movies include "The Sixth Sense," "Invictus" and "Get Him to the Greek."
Barber and Birnbaum said MGM is "emerging from one of the most challenging periods of its storied history." They are ready to lead "one of Hollywood’s most iconic studios into its next generation of unforgettable filmmaking and global TV production and distribution."
New York-based RC is headed by Steven Rubenstein.
The post-bankruptcy MGM plans to raise a $500M in financing to bankroll projects such as JRR Tolkein’s The Hobbit.
Meanwhile, MGM Resorts International issued a statement to say it is has not affiliated with the studio.
The Nov. 2 Wall Street Journal covered how MGM and partner Dubai World are struggling with the $8.7B "City Center" in Las Vegas, the largest privately-owned construction project in the U.S., as tourism continues to slump.
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