Official press release from MGM confirms plan approved by vote

MGM has issued an official press release confirming that debt-owners supported the plan voted on yesterday (Friday 29th October) to swap their debt for equity after the company emerges from pre-packaged bankruptcy.

Press Release
Metro-Goldwyn-Mayer Inc. (“MGM”) today announced that the secured lenders voting in the Company’s solicitation process have overwhelmingly approved its proposed plan of reorganization (“Plan”).

MGM will now move expeditiously to implement that Plan, which will dramatically reduce its debt load and put the Company in a strong position to execute its business strategy. MGM is appreciative of the lenders’ support.

Thanks to `Samuel 001` for the alert.

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