It was announced today that the shareholders of MGM have agreed to go ahead with a reorganization plan that will see the studio file for Chapter 11 bankruptcy protection and Spyglass Entertainment will take over control of  the studio and its properties. This was MGM’s official statement:

Metro-Goldwyn-Mayer Inc. (“MGM”) today announced that the secured lenders voting in the Company’s solicitation process have overwhelmingly approved its proposed plan of reorganization (“Plan”). MGM will now move expeditiously to implement that Plan, which will dramatically reduce its debt load and put the Company in a strong position to execute its business strategy. MGM is appreciative of the lenders’ support.

Now all we have to wait and see is who will jump on the distribution rights for the properties effected by the MGM crisis, which include Bond 23 and the Red Dawn remake, as MGM will now only be involved with production. They are both more than likely highly profitable movies and I’m sure it’ll happen soon. It better any way, I want more Bond!