United Artists
When Metro-Goldwyn-Mayer goes bankrupt, will United Artists follow in their footsteps as well?
I know Metro-Goldwyn-Mayer went bankrupt on October 8th, 2010, but since they own United Artists. Will they go down as well?
United Artists stopped distributing James Bond. Columbia does it now. And don't you mean Bond 23. Excluding this Bond there has been 22 official James Bond movies. The two unofficial ones are "Casino Royale" (1967) and Never Say Never Again.
As of October 8, 2010
Good news for James Bond fans waiting on MGM for more positive news on Bond 23, MGM has formally announced their plan for restructuring and have named Gary Barber and Roger Birnbaum as co-CEOs of MGM. Barber and Birnbaum won’t officially take that position until MGM emerges from Chapter 11 bankruptcy. Lenders have until October 22 to vote on MGM’s “Plan” (unless extended) that will see MGM’s roughly $4 billion in debt wiped away in exchange for 95.3 percent equity in the new MGM.
Press Release
Metro-Goldwyn-Mayer Inc. (MGM) today announced that it has begun a solicitation of votes from its secured lenders for a pre-packaged plan of reorganization (the “Plan”).
MGM expects to continue normal business operations throughout the restructuring process. The Plan provides for MGM’s employees, vendors, participants, guilds, and licensees to be unimpaired.
The Plan provides for MGM’s secured lenders to exchange more than $4 billion in outstanding debt for approximately 95.3 percent of equity in MGM upon its emergence from Chapter 11. Spyglass Entertainment would contribute certain assets to the reorganized company in exchange for approximately 0.52 percent of the reorganized company. In addition, two entities owned by Spyglass affiliates – Cypress Entertainment Group, Inc. and Garoge, Inc. – will merge with and into a subsidiary of MGM, with the MGM subsidiary as the surviving entity. The stockholders of Cypress and Garoge will receive approximately 4.17 percent of the reorganized company in exchange.
Following the receipt of the requisite consents from secured lenders during the solicitation period, and in order to implement the debt restructuring, MGM intends to commence pre-packaged Chapter 11 cases under the U.S. Bankruptcy Code and seek confirmation of the Plan. Gary Barber and Roger Birnbaum, currently Co-Chairman and Chief Executive Officer of Spyglass Entertainment, would serve as the Co-Chairman and Chief Executive Officer of MGM following the company’s emergence from Chapter 11.
The deadline for the Company’s secured lenders to vote on the Plan is October 22, 2010, unless extended. Only holders of secured debt as of October 4, 2010 under MGM’s April 8, 2005 Credit Agreement will be solicited.
This press release is for informational purposes only and is not a solicitation to accept or reject the proposed Plan of reorganization referred to herein, or an offer to sell or a solicitation of an offer to buy any securities.
No United Artists never stopped distributing James Bond, they belonged to MGM. Starting with Pierce Brosnan's third James Bond movie The World Is Not Enough, MGM decided to just go with MGM brand and logo at the start of the Bond movies. The only reason there is Columbia Picture's name attached to it because, MGM does not own 100% the rights to the novel of Casino Royale becoming a movie. Columbia Picture still own most of it, that is why there is still Columbia Picture's name at the start, after MGM's. Columbia Pictures, which belongs to Sony, know that James Bond movies are big money makers, and wanted to continue have their name attach to it. And get a share of the profit. That why we still saw Columbia Picture's name on Quantum Of Solace. But Columbia Picture did not have anything to with the release of it on DVD and Blu-Ray. MGM wanted to release it themselves with the help of Fox. That is how it is with MGM movies they still release themselves, they have the help of Fox. Warner Bros. got the rights to release MGM's mega classics like Gone With The Wind, Singing In The Rain, An American In Paris, The Three Musketeers and 2001: A Space Odyssey on DVD and Blu-Ray.
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United Artists
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