Well folks I’m sure you’re all familiar with the woes of MGM. Over the past couple years the studio has been in a downward spiral, finally ending in bankruptcy not to long ago. What did that mean for MGM productions? Well a fate worse than death to say the least… So where does that leave flicks like THE CABIN IN THE WOODS and THE POUGHKEEPSIE TAPES? On the shelf for the time being…
But alas it seems like things may be looking up for CABIN and POUGHKEEPSIE. You see according to Variety MGM has a restructuring plan that’s becoming effective, fresh with $500 million in funding to revamp the storied studio. MGM’s secured lenders are exchanging about $5 billion, including accrued interest and fees, for most of the equity in MGM. The studio received approval on Dec. 2 from a bankruptcy court judge of its “pre-packaged” plan of reorganization. The plan wipes out the equity interest of MGM’s current owners, the Sony-led consortium that bought it in 2005 in a $4.8 billion leveraged buyout — which left the studio with a crushing debt load.
I know, I know… it’s a lot of technical mumbo jumbo but it sounds like all good news for the flicks mentioned above. Now MGM isn’t expected to emerge from bankruptcy for another several months but at least it’s something right? We’ll keep our eyes on this situation and hopefully we’ll be treated to the long awaited projects sooner rather than later.
CABIN IN THE WOODS’ Amy Acker
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