Movies

MGM closes $500 mn revolving loan

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/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/12/15/secret-superstar.jpg?itok=6yxH51NX
Zee Studios International's Secret Superstar hits it big in Taiwan

Zee Studios International has collected $700,681 from its release of Aamir Khan-starrer Secret Superstar in Taiwan, making the movie the widest Bollywood film in the country. The film, which also features Zaira Wasim, lit up the box office in India. The distribution company began the next phase of...

Movies Hindi
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/12/08/zee-studio.jpg?itok=1xtV1Jhc
Zee Studio to premiere the post-apocalyptic horror drama - MAGGIE!

Zee Studio, the hollywood movie destination, brings the Indian television premiere of Maggie. Starring multi-award winner Arnold Schwarzenegger and Academy Award-nominee, Abigail Breslin, this post-apocalyptic drama premieres on 10 December 2017, Sunday at 12 noon and 9 pm.

Movies Hollywood
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/12/01/sanjay.jpg?itok=sJJUMOP8
Demonetisation, decline in govt ads impact UFO Q2 numbers

BENGALURU: Indian digital cinema distribution network and in-cinema advertising platform UFO Moviez Ltd (UFO) reported a 12.8 percent year-on-year (y-o-y) decline in consolidated operating revenue for the quarter ended 30 September 2017 (Q2 FY 2017-18) as compared with the corresponding year ago...

Movies Movies On Mutiple Platforms
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/11/25/Madhavan_0.jpg?itok=AcPIL5R4
The modern day economics of film financing

Only 2 per cent of the total movies released in 2016 in the US were computer graphic (CG) animation, yet they grossed more than 21 per cent of the US box office collection. Strong animation brands have longer shelf-life and generate revenue for years.

Movies International
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/11/24/Posto.jpg?itok=TKLdU5Bl
Bengali film Posto to premiere on Hoichoi before satellite TV

NEW DELHI: Digital Bengali entertainment content platform Hoichoi has acquired exclusive digital rights of this year’s most successful Bengali feature film Posto, ensuring it a world digital premiere today before a satellite TV premiere. This will provide Bengali moviemakers a robust additional...

Movies Regional
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/11/16/pvr_0.jpg?itok=UZKfyV-h
PVR acquires minority stake in US luxury theatre chain

PVR Ltd (PVR) will acquire a minority stake in US-based luxury restaurant and theatre iPic-Gold Class Entertainment (iPic).

Movies Hindi
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/11/15/sunil-lulla_1.jpg?itok=sqgylncT
Eros reports higher profit margin despite fewer releases

BENGALURU: Sunil Lulla-led Eros International Media Limited (Eros) reported 21 per cent margin (on operating income) for consolidated profit after tax (PAT) for the quarter ended 30 September 2017 (Q2 FY 2017-18) as compared with 12.8 per cent margin for the corresponding quarter a last ago. The...

Movies Hindi
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/10/31/inox1.jpg?itok=CpHFAdho
Inox reports increase in revenue, profits for second quarter

BENGALURU: Indian cinema chain Inox Leisure Limited (Inox) has reported improved revenue and net profit after tax (PAT) for the quarter ended 30 September 2017 (Q2-18, current quarter) as compared to the corresponding quarter of the previous year (Q2-17, year ago quarter). Inox revenue from...

Movies Hindi
http://www.indiantelevision.com/sites/drupal7.indiantelevision.co.in/files/styles/340x340/public/images/tv-images/2017/10/31/Grand-Challenge.jpg?itok=Eg01vsKl
1700 films received on ending violence against women film contest

NEW DELHI: Around 1700 entries from over 600 colleges have come in response to a campaign launchged earlier this year for two-minute films on generating debate and promote positive change in cultural and social norms around the value of women in India. The campaign ‘#BasAbBahutHogaya – Enough is...

Movies Hindi

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories