AP source: MGM creditors OK Spyglass deal

LOS ANGELES (AP) - october 29, 2010

The person was not authorized to speak publicly and spoke on condition of anonymity.

The person said that Icahn, a significant holder of MGM's debt, voted for the Spyglass plan even though he had publicly supported a rival bid from Lions Gate Entertainment Corp., in exchange for representation on MGM's board.

More than half of the creditors, holding more than two-thirds of the $4 billion in debt outstanding, needed to support the plan.

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