Hollywood film studio Metro-Goldwyn-Mayer (MGM) is officially out of bankruptcy, movie bosses have announced. The company has spiraled into debt in recent years, leaving a number of high profile film projects on hold, including "Lord of the Rings" prequel "The Hobbit" and the next "James Bond" picture.
Last month, executives filed for bankruptcy and announced plans for a massive debt-restructuring deal with bosses at Spyglass Entertainment, the U.S. company behind "Star Trek" and "Get Him to the Greek", who are taking over the running of MGM.
U.S. bankruptcy judge Stuart Bernstein approved the Hollywood studio's restructuring plan at a hearing in New York earlier this month - and on Monday, December 20 heads at the studio revealed they have now come out of bankruptcy with $500 million thanks to the effective restructuring, reports Deadline.
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