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METRO-GOLDWYN-MAYER FINANCIAL RESTRUCTURING COMPLETED

 SANTA MONICA, Calif., Jan. 3 /PRNewswire/ -- Metro-Goldwyn-Mayer Inc. (MGM) today announced the completion of the company's planned financial restructuring, originally approved in July 1993.
 "This significant restructuring, which demonstrates the continuing support of Credit Lyonnais, has positioned MGM to aggressively establish its competitive position in our industry," stated Frank G. Mancuso, MGM chairman and chief executive officer.
 As part of the previously announced restructuring, substantially all of the assets and businesses of the former MGM entity -- with the exception of the company's European cinema assets, which were sold to a subsidiary of Credit Lyonnais on Sept. 30, 1993 -- are now held by a newly incorporated subsidiary known as Metro-Goldwyn-Mayer Inc. ("New MGM"). Approximately $960 million of debt owing to Credit Lyonnais Bank Nederland will remain at Old MGM and has not been assumed by New MGM. As a result of this restructuring, New MGM has a debt to equity ratio of approximately 1 to 2.
 As reported, the entire outstanding principal amount (approximately $108 million) of MGM's remaining subordinated debentures was redeemed on Dec. 15, 1993.
 MGM is involved in the worldwide production and distribution of motion pictures and television programs through MGM Pictures, United Artists Pictures, MGM/UA Worldwide Television and MGM/UA Distribution, among others.
 -0- 1/3/93
 /CONTACT: Craig A. Parsons of Pondel Parsons & Wilkinson, 310-207-9300/


CO: Metro-Goldwyn-Mayer Inc. ST: California IN: ENT SU:

EH-MF -- LA012 -- 8572 01/03/94 14:54 EST
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Publication:PR Newswire
Date:Jan 3, 1994
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