MGM Receives Court Approval of First Day Motions

MGM Receives Court Approval of First Day Motions

LOS ANGELES, Nov. 4, 2010 /PRNewswire/ -- Metro-Goldwyn-Mayer Inc. ("MGM") today announced that the U.S. Bankruptcy Court for the Southern District of New York has granted approval of MGM's "First Day Motions" as part of the Company's voluntary filing for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Approval of these motions will help MGM to continue to operate in the ordinary course of business during the reorganization process.

Among the first day motions granted today, MGM received approval to continue to pay its employees, vendors, participants, guilds and licensors in the ordinary course of business during the Chapter 11 process, for both pre-petition and post-petition obligations. The Court also scheduled the reorganization plan confirmation hearing for December 2, 2010.

MGM's cases are being presided over by the Honorable Stuart M. Bernstein of the U.S. Bankruptcy Court for the Southern District of New York. MGM's jointly administered case number is 10-15774 (SMB).

On November 3, 2010, MGM and approximately 160 of its affiliates filed Chapter 11 cases in the U.S. Bankruptcy Court for the Southern District of New York to seek confirmation of its pre-packaged reorganization plan which would dramatically reduce its debt load and put the Company in a stronger position to execute its business strategy.

The Company's restructuring counsel are Skadden, Arps, Slate, Meagher & Flom LLP and Klee, Tuchin, Bogdanoff & Stern LLP, its restructuring advisor is Zolfo Cooper, and its financial advisor is Moelis & Company.

About Metro-Goldwyn-Mayer Studios Inc.

Metro-Goldwyn-Mayer Studios Inc. is actively engaged in the worldwide production and distribution of motion pictures, television programming, home video, interactive media, music, and licensed merchandise. The company owns the world's largest library of modern films, comprising around 4,100 titles. Operating units include Metro-Goldwyn-Mayer Studios Inc., Metro-Goldwyn-Mayer Pictures Inc., United Artists Films Inc., MGM Television Entertainment Inc., MGM Networks Inc., MGM Distribution Co., MGM International Television Distribution Inc., Metro-Goldwyn-Mayer Home Entertainment LLC, MGM ON STAGE, MGM Music, MGM Consumer Products and MGM Interactive. In addition, MGM has ownership interests in domestic and international TV channels reaching over 130 countries. For more information, visit www.mgm.com.

For media inquiries:

Susan Arons
Rubenstein Communications
Office: 212-843-8033
Mobile: 917-751-1776
sarons@rubenstein.com

SOURCE Metro-Goldwyn-Mayer Inc.

Metro-Goldwyn-Mayer Inc.

CONTACT: Susan Arons, Rubenstein Communications, +1-212-843-8033, Mobile: +1-917-751-1776, sarons@rubenstein.com

Web Site: http://www.mgm.com

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