MGM creditors to vote on deal

They'll be asked to sign off on a restructuring and pre-packaged bankruptcy plan in the next week or two, Bloomberg reports. The idea would be to come out of court protection by the end of the year. Management of the studio would then be taken over by Spyglass Entertainment Group's Gary Barber and Roger Birnbaum, who signed a non-binding letter of intent on Sept. 8. They would become co-chairmen and co-chief executives,

As part of a restructuring in bankruptcy, creditors would exchange their debt for equity. Spyglass owners would receive 5 percent of the merged company for their film library, which has been valued at about $100 million, according to one of the people, who has seen the proposed agreement. The studio's latest forbearance agreement expires on Sept. 15.