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The movie company will be reorganized in a prepackaged bankruptcy and emerge under the management of the CEOs of Spyglass Entertainment. The plan was passed by more than the two-thirds majority of MGM's debt owners who needed to approve it, the LAT reports, citing a source. The Times also reports that Carl Icahn cut a deal with creditors to support the Spyglass plan in exchange for a seat on MGM's nine-person board.
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.