COMPANY TOWN ANNEX

MGM Restructuring Formally Approved: Directors of the Santa Monica studio and its owner, French bank Credit Lyonnais, gave the official approval to the plan disclosed in July in which a new Metro-Goldwyn-Mayer Inc. will be formed. As part of the plan, Credit Lyonnais is raising MGM’s credit line from $190 million to $400 million. Credit Lyonnais will also swallow $820 million in debt the studio owes the bank and $140 million of debt taken on to buy MGM bonds. In a related move, MGM sold its European cinema assets to a Credit Lyonnais affiliate for $211 million in cash.