3 Nov 2010

Metro-Goldwyn-Mayer finally files for bankruptcy

If the MGM debts saga was a movie, it would been the longest movie in the history of cinema. After what seem like an eternity, Metro-Goldwyn-Mayer, Inc. has finally filed for bankruptcy protection in a very complicated deal with it's creditors which will see the debts-stricken Studios merge with Spyglass Entertainment. Papers MGM filed Wednesday include a request to keep spending money in the near future, including around $40 million to make "The Hobbit." This is the latest in a long list of troubles The Hobbit has faced in the last year or so, from the global financial crises and MGM situation, loosing a director, and issues with the actors unions and New Zealand having to do all sorts of deals and make generous offers to keep production in the country.

The Hobbit's future is almost secured , the Old Lion has finally bowed out...now let's make this movie, please