MGM declares bankruptcy; next Bond penciled for Nov. 2012
Metro-Goldwyn-Mayer Inc. has filed for Chapter 11 bankruptcy in Manhattan Federal Court after rejecting a takeover bid by Lionsgate and billionaire Carl Icahn. It is expected that the “pre-pack” bankruptcy deal will last 30 days with major lenders JP Morgan and Credit Suisse swapping $4 billion of loans for a majority of the company’s equity.