Metro-Goldwyn-Mayer Inc. (MGM), one of Hollywood's iconic studios, has filed for Chapter 11 bankruptcy, following it s rejection of a proposed takeover from Lionsgate and Mr. Carl Icahn.

MGM and 160 affiliates have filed for Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of New York , seeking confirmation of their reorganization plan. At present, MGM has enough available funds, as well as the consent of its lenders to use the fund for use in MGM's normal business operations throughout the Chapter 11 process.

In a stament, MGM's CEO Steve Cooper said: "For many months, we have been working with our lenders to explore the strategic options available to MGM to improve MGM's financial position and maximize the Company's value."

"By sharply reducing MGM's debt load and providing access to new capital, the proposed plan of reorganization achieves these goals. Having received approval through our recently completed solicitation process, we are pleased that the lenders support MGM's approach. We now look forward to quickly emerging from Chapter 11."

The plan allows MGM secured lenders to exchange more than $4 billion in outstanding debt for equity in MGM onces it emerges from Chapter 11 bankruptcy. Those concerned in MGM bankruptcy case can follow motions and orders in a docket list available online here.

A copy of MGM's Chapter 11 petition can be viewed here:

MGM's Bankruptcy Petition