MGM to declare bankruptcy

Stumbled across this story here. So MGM studios is going to declare bankruptcy this week in a deal with creditors over its multi-billion dollar amount of debt. It's sort of amazing when you think about how long this studio has been around, this quote from the article sums it up nice:

Insolvency amounts to a humiliating comedown for a studio with a back catalogue of 4,000 titles holding 205 Oscars between them


While I'm sure their attorneys are hard at work trying to push through the process quickly, it's already caused a hold up of production on some titles. Now in a perfect world this bankruptcy proceeding would be a wakeup call not just to MGM but to other studios as to how mismanagement, bloated budgets, and lack of creative thinking can lead to this financial situation. A wakeup call that would turn them away from tired sequels and remakes with overpriced stars and more focus on simply making good films.


Sadly however, we all know that we don't live in such a perfect world.