LOS ANGELES, CA, December 20, 2010 – Metro-Goldwyn-Mayer Inc. (“MGM”) today announced that the company’s restructuring has become effective, with exit financing of $500 million in place. The company’s “pre-packaged” plan of reorganization (the “Plan”) was confirmed on December 2, 2010, by the U.S. Bankruptcy Court for the Southern District of New York.
“MGM is emerging from one of the most challenging periods of its storied history. We are honored and inspired at the opportunity of leading one of Hollywood’s most iconic studios into its next generation of unforgettable filmmaking, global television production and distribution, and aggressively pursuing, developing and exploiting new digital entertainment platforms,” said Gary Barber and Roger Birnbaum, Co-Chairmen and Chief Executive Officers of MGM. More..
Variety reports today that MGM, the studio co-producing the upcoming Hobbit films, has begun laying off employees to cut costs and, once it emerges from bankruptcy as early as next week with $500 million in cash available once it secures a JP-Morgan Chase loan, will be seeking an additional loan of $265 – $275 million to co-finance the Hobbit films.
Layoffs, which had been anticipated, began Friday at MGM headquarters in Los Angeles and were mostly in distribution and marketing. MGM disclosed in recent bankruptcy filings that it had planned to cut the staff to about 320 from more than 400 but a spokeswoman indicated Friday that the number of cuts will be significantly smaller.
MGM, which has released only one film this year, received approval on Dec. 2 from a bankruptcy court judge of its “pre-packaged” plan of reorganization. Studio plans to emerge from Chapter 11 as early as next week with $500 million in cash available, once it secures a JP-Morgan Chase loan.
With Spyglass Entertainment toppers Roger Birnbaum and Gary Barber in charge, MGM’s expected to seek a separate loan of $265 million-$275 million for its share of the back-to-back “Hobbit” movies.
The figures should provide a very good indication of the total production budget for the two Hobbit films. Join the discussions over at our message boards – there’s just about two months to go before principal photography begins.
Wellingtons film industry is getting a further boost of government funding, with special effects workshop Weta Digital one of six fast-growing, high-tech companies awarded $7.2 million each under the new Technology Development Grant Programme.
The announcement by Research, Science and Technology Minister Wayne Mapp follows the government decision in October to add more than $30 million in subsidies to secure filming and production of The Hobbit movies in New Zealand. More..
TheOneRing.net staffer and regular contributor Treebeard was lucky enough to have the chance to chat with Graham McTavish (Dwalin) about his role in The Hobbit.
Treebeard (T.B.) I am here with Graham McTavish, interviewing him for TheOneRing.net about his upcoming role as a Dwalin in The Hobbit. Hi Graham!
Graham McTavish (G.M.) Hello.
T.B. Did you have any interest in the works of Tolkien before you auditioned for The Hobbit?
G.M. Yes. I’d read “The Lord of the Rings” probably when I was about eighteen, all three straight through, and like most teenagers that encountered the books for the first time, it allowed me to disappear into a whole different world that I always looked forward to going back to while I was reading it. I hadn’t read “The Hobbit,” but I did, very quickly, when I was asked! [laughs] It’s very interesting for me the difference between the two books, I suppose, being that “The Hobbit” seems to me a much more straightforward, linear adventure story. I’ve be interested to find out, when I’ve told people that I’m doing this, a lot of them prefer “The Hobbit”, in some ways. And, also it seems to be amongst every man I’ve met, the first book they ever read. Continue reading “TORN Exclusive: Graham ‘Dwalin’ McTavish Interview”
(Reuters) – Metro-Goldwyn-Mayer Studios Inc won a federal judge’s approval for its bankruptcy reorganization plan, clear the way for the storied Hollywood studio to emerge from Chapter 11 under new ownership.
U.S. Bankruptcy Judge Stuart Bernstein approved the plan at a hearing on Thursday in Manhattan, with a written order expected to follow. Jay Goffman, a lawyer for MGM, said the company expects to emerge from bankruptcy in a few weeks.
Founded in 1924 and known for its roaring lion logo, MGM produced, released or controls many of Hollywood’s best known films, including the James Bond, Pink Panther and “Rocky” film series, as well as “Ben-Hur” and “The Wizard of Oz.” More..
ComingSoon.net has snagged an exclusive with actor Ron Perlman in which he states he’s not in The Hobbit.
“I’m not doing [it],” Perlman said, adding with a laugh, “I think maybe that’s a scoop for you.”
With not much else to go by, fans of Ron Perlman probably needn’t despair, as just because he isn’t in it yet doesn’t mean he won’t be down the line. Some might recall former Hobbit director Guillermo del Toro mentioning he had a role in mind for Perlman, but with Peter Jackson taking over the directorial reins of the two films, only time will tell whether GDT’s choice will still hold.
Until then, all we can do is speculate. There’s a healthy discussion concerning GDT’s and PJ’s casting choices going on over at our message boards right now. Feel free to join in.
TheOneRing.net staffer and regular contributor Treebeard was lucky enough to have the chance to chat with Graham McTavish (Dwalin) about his role in The Hobbit.
(Reuters) – Metro-Goldwyn-Mayer Studios Inc won a federal judge’s approval for its bankruptcy reorganization plan, clear the way for the storied Hollywood studio to emerge from Chapter 11 under new ownership.