MGM creditor's deadline nears end

MUMBAI: Creditors of MGM have to vote till 5 pm on Friday, the deadline to vote on an MGM reorganization plan. More than 100 MGM lenders will vote on whether to approve a corporate alignment with Spyglass Entertainment that would get a 4.7 per cent stake of MGM.

On Thursday word circulated that MGM had offered Icahn a seat on its proposed new board if he agrees to drop his backing of a rival restructuring plan. But Icahn is pressing for an alternate proposal that would see MGM merge with Lionsgate in which he is the biggest shareholder. 

Icahn‘s corporate maneuvers can become so complicated that it‘s sometimes hard to tell whose side he‘s on. At least, that‘s the contention of a complaint filed by Lionsgate in U.S. District Court on Thursday.

Almost simultaneously with the complaint‘s filing, Lionsgate insiders were of the view that its management and Icahn are pushing for a MGM merger.

In the short run, approval of the Spyglass plan would focus most attention on that proposal, which would be filed in U.S. Bankruptcy Court in Los Angeles. Once filed, likely Monday, the plan would take 30-60 days to proceed through court review.

If approved by the court, the Spyglass plan would have its co-toppers Gary Barber and Roger Birnbaum as co-CEOs of the Century City studio.

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