MGM NEEDS FINANCIAL WIZARD

Metro-Goldwyn-Mayer Studios filed for bankruptcy yesterday, marking a climax to a long restructuring for the Hollywood studio that controls the James Bond films and made The Wizard of Oz. The Chapter 11 filing follows last week’s vote by creditors to support a prepackaged bankruptcy in which MGM will shed more than $4bn (£2.5bn) of debt and hand control to its secured lenders, which includes billionaire Carl Ichan.