subject: The bankruptcy issue of MGM [print this page] The bankruptcy issue of MGM The bankruptcy issue of MGM
Famous film company MGM in American Hollywood declared bankruptcy on the third morning. Since the company was unable to repay the huge debt.
Previously, billionaire and famous enterprise investor Karl Mr. Icahn has bought 20% of debt from MGM, and dedicated to promoting the merger MGM Company and his own lion Studios Company. Recently, MGM creditor and Mr. Icahn reach an agreement, Mr. Icahn give up the merger plan, agree the MGM bankruptcy scheme.
MGM will out of bankruptcy protection in one or two month. Then the company will be in charge by telescope Entertainment Company, so the co-founder Gary Bob and Roger are the chief executive of MGM.
MGM declared on 29th October, among the creditors, at least, about two-thirds of them agree the bankruptcy. And more than half of the personal creditors in favour of bankruptcy plan. The totally votes has met the minimum votes requirement of bankruptcy court. MGM is an old film company with a magnificent history has 86 years in Hollywood, released a large number of classic movies including "gone with the wind". And MGM owned Oscar Award 200 times. In recent years, due to no successful film has been released, plus the 40 billion US dollars debt, MGM's foreground is very bleak.
As a world famous film company, MGM failed in business field. How does small and medium-sized enterprise survive? Take Dinodirect Company for example, the chief executive told us, since Dinodirect is an online shop company, so they spare all their effort on the product quality and customer service as well as the technology problem on website, customers' satisfactory is their biggest purpose. So depend on the clear company schedule and common target, company developed very fast and steady. Mr. Kevin said, under any circumstances, customer is the most important.
