Major Hollywood player MGM is working with a federal bankruptcy court to create a bankruptcy plan for the failing company. MGM filed for Chapter 11 bankruptcy protection over a month ago, a pre-packaged plan that it will discuss on Thursday with Judge Stuart Bernstein. The company hopes that this plan will move through the court system in as little as thirty days.

If there are any objections to the plan, they must have been filed before the Friday beforehand. In addition, all of MGM's creditors are invited to a meeting in Manhattan where they will be allowed to question MGM reps about the situation before the court hearing. However, attendance is not required at this meeting.

One item that has already been decided is that once the company emerges from Chapter 11 protection, Gary Barber and Roger Birnbaum will become the new heads of MGM.

At this time Judge Bernstein is also allowing MGM to take on a loan of $500 million to keep operations afloat.

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