Icahn Reaches Agreement to Support MGM on Prepackaged Bankruptcy Plan

NEW YORK, Nov. 3, 2010 /PRNewswire/ -- Today Carl Icahn announced that he has reached an agreement with MGM and the Lender Subcommittee for Icahn to support MGM in its prepackaged bankruptcy.

Carl Icahn stated: "I am pleased that we were able to obtain an agreement to make changes to the MGM Prepackaged Plan that allows me to support it and enables the Company to avoid a potentially costly and disruptive bankruptcy process."  Under the revised terms of the MGM Prepackaged Plan that the parties will seek to implement, MGM will not acquire the Cypress film library and will have a strong corporate governance structure, including the ability of stockholders to call special meetings, and there will be restrictions on poison pills and staggered boards.  Mr. Icahn will also have the right to designate a member on the MGM Board following its emergence from bankruptcy.

SOURCE Carl Icahn

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED