Movies

MGM closes $500 mn revolving loan

http://www.indiantelevision.com/sites/default/files/styles/smartcrop_800x800/public/images/tv-images/2018/06/27/Gary-Barber-and-Roger-Birnbaum.jpg?itok=pARRRwKT

MUMBAI: Ending its bankruptcy, Metro-Goldwyn Mayer (MGM) has closed a $500 million revolving credit facility.

The revolving credit facility replaces a term loan and a smaller revolving facility the studio received as part of a pre-packaged bankruptcy in which its lenders exchanged $4 billion in outstanding debt for equity valued at about $2 billion.

Announcing the Studio?s endeavour, MGM co-CEO and co-chairmen Gary Barber and Roger Birnbaum said, "A year ago MGM was in bankruptcy and to receive this oversubscribed facility just one year later is proof positive that through careful and efficient business decisions, we have earned the faith of the financial community."

The credit facility will be used to pay up debts and also to develop the film and TV businesses that will include films being made under a partnership with Sony Pictures Entertainment including 21 Jump Steet, the next James Bond movie Skyfall, The Hobbit: An Unexpected Journey and The Hobbit: There and Back Again (in partnership with Warrner Bros.) and GI Joe: Retaliation (with Paramount Pictures).

Other films in development include remakes of Robocop, Carrie, Poltergiest and Teen Wolf, along with Punk Farm and Vikings.

The restructuring of MGM was a long process that began in May 2009 when Moelis & Co, an investment bank, was hired to advice management. In August the same year, Stephen Cooper replaced CEO Harry Sloan who was said to be a turnaround expert.

MGM was having problems meeting $300 million in annual interest payments. Moelis & Co. had to work out the bankruptcy with more than 140 creditors. The closing of the deal will trigger a payment of over $9 million to Moelis.

The new loan was led by JP Morgan Chase, which reportedly put up $75 million of the new credit facility. The rest came from Deutsche Bank, Bank of America Merrill Lynch, Royal Bank of Canada, SunTrust Bank, Wells Fargo, CIT Bank, Union Bank, City National Bank and OneWest Bank.

Latest Reads

http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/12/12/Untitled-1.jpg?itok=oGNsJi8l
Movies NOW announces the 6th season of its blockbuster property ‘100 Mania’

Movies NOW, India’s favorite English movie channel, rings in the festive season with its iconic mega property ‘100 Mania’.

Movies Hollywood
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/08/28/sui.jpg?itok=HerknJdt
Usha International associates with YRF’s Sui Dhaaga – Made in India

Usha International, one of India’s leading household consumer durables company, proudly announces its association with Sui Dhaaga - Made In India produced by Yash Raj Films and starring Bollywood heartthrobs Varun Dhawan and Anushka Sharma.

Movies Hindi
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/07/26/kamal_5.jpg?itok=xRiIWXqM
Kamal Haasan talks about the pathbreaking films that inspired his career

MN+, the gold class of Hollywood movies associated with Kamal Haasan’s Vishwaroop 2 for Season 3 of Pathbreakers.

Movies Hollywood
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/07/26/ganga.jpg?itok=ccflQVvn
No. 1 Bhojpuri Channel, ZEEL’s Big Ganga collaborates with foremost Bhojpuri superstar Ravi Kishan for a 7-movie deal

Over the last two decades, Bhojpuri movies industry has seen a revolution in the form of content, talent, and production.

Movies Regional
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/07/26/Zee%20Cinemalu.jpg?itok=XUZCLS1p
Zee Cinemalu Announces World Television Premiere of Superhit Romance-Idi Maa Prema Katha

Continuing to respect and support new-time actors, Zee Cinemalu’s World Television Premiere of Idi Maa Prema Katha stars the well-known faces from the small screen – Zee Telugu’s very own Anchor Ravi and Kalyana Vaibhogam-famed Meghana Lokesh.

Movies Regional
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/07/16/itefaq.jpg?itok=uI4jxNky
&pictures to air Sonakshi Sinha and Sidharth Malhotra?s spine-chilling thriller Ittefaq on Saturday, 21st July 2018 at 8pm

A CBI officer is assigned a double murder case which involves two witnesses who are also the prime suspects of the case.

Movies Hindi
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/07/16/monkey.jpg?itok=0potPgXf
Zee Action to air The Monkey King 2 on Saturday, 21st July at 8pm

Five hundred years after the Havoc in Heaven, the Tang Priest is appointed by Buddha to go to the West to fetch the sacred scriptures

Movies Hindi
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/07/14/ze.jpg?itok=FFtCj6MW
Zee to launch Zee Classic HD channel

The Punit Goenka-led Zee Entertainment Enterprises Ltd (ZEEL), is all set to launch Zee Classic's HD version.

Movies Hindi
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/07/13/shemaroo-india.jpg?itok=5OljtmuK
Shemaroo Entertainment Releases Padmaavat On Blu-ray and DVD for Cinema Lovers

Shemaroo Entertainment Limited, one of India?s leading global content power house, released the Blu-rays and DVDs of Sanjay Leela Bhansali?s magnum opus, Padmaavat- one of the most expensive Indian films ever made.

Movies Hindi

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories