ankruptcy, Leo the Lion’s aiming to become a major player again — with Carl Icahn very much a part of its future. MGM, which has released only one film this year, is on track to begin full-fledged operations in as little as two weeks. U.S. Bankruptcy Court Judge Stuart Bernstein approved MGM’s “pre-packaged” plan of reorganization on Thursday in Manhattan; MGM can now emerge from Chapter 11 by mid-December 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. Icahn, who owns 18% of MGM’s debt and 33% of Lionsgate, agreed to support the reorganization plan after it was revised to exclude titles from the Spyglass library — a move that reduced Barber and Birnbaum’s stake in the new MGM from 5% to less than 1%. Icahn’s also been given a board seat on the nine-member board. How MGM spends its funds will be a concern for showbiz for months to come. The most likely candidate will be the 23rd James Bond movie, with Daniel Craig in his third outing as 007 — the studio will be under some pressure to release a pic in 2012 to coincide with the 50th anniversary of the first Bond pic, 1962’s “Doctor No.”
http://www.variety.com/article/VR1118028318