Metro-Goldwyn-Mayer Inc has revealed that it has officially come out of bankruptcy.
The studio declared today that its corporate restructuring has been effective and that it has emerged from bankruptcy with $500m (£321m), reports Deadline.
“MGM is emerging from one of the most challenging periods of its storied history,” stated Gary Barber and Roger Birnbaum, the co-chairmen and chief executive officers of MGM.
“We are honoured and inspired at the opportunity of leading one of Hollywood’s most iconic studios into its next generation of unforgettable filmmaking, global television production and distribution, and aggressively pursuing, developing and exploiting new digital entertainment platforms.”
They continued: “Beginning today, MGM is a stronger, more competitive company, with a solid financial foundation and a bright future. We look forward to working with MGMs dedicated employees to build upon this company’s legacy.”
The recovery of MGM means that the next James Bond movie should be taken off of hold in the near future.