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by Indiewire
November 3, 2010 10:47 AM
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LAT: Metro-Goldwyn-Mayer files for bankruptcy

Metro-Goldwyn-Mayer, Hollywood's fabled and once most powerful studio, has filed for bankruptcy protection after it could no longer pay down its crippling debt or make and release new movies. The filing, made Wednesday morning, comes after MGM's leading creditors struck a deal with corporate raider Carl Icahn, who had amassed about 15% of the company's debt and was previously pushing for a merger between MGM and Lionsgate. The Los Angeles Times reports.

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