Movie studio MGM emerges from bankruptcy

LOS ANGELES (Hollywood Reporter) - Metro-Goldwyn-Mayer said on Monday it has emerged from bankruptcy with $500 million for its new bosses to try and rejuvenate the studio.

MGM’s pre-packaged reorganization plan received creditor approval December 2. The plan has the storied film studio wiping out about $5 billion in crushing debt in exchange for equity in the revamped company.

“Beginning today, MGM is a stronger, more competitive company, with a solid financial foundation and a bright future,” new co-chairman and CEOs Roger Birnbaum and Gary Barber said in a statement Monday.

Birnbaum and Barber run Spyglass Entertainment, the Hollywood production company behind such films as “Leap Year” and “Get Him to the Greek.” At MGM, they plan to make just a handful of films each year, reducing production capacity and eliminating distribution operations.

MGM, a dormant studio famed for the James Bond franchise, laid off about 50 staffers Friday as part of the reorganization plan.