MGM Studios, which funds a significant portion of the production of Stargate Universe, may not be able to successfully sell itself to a new set of investors. It may instead be forced into bankruptcy reorganization and debt restructuring. As stated in The Hollywood Reporter, MGM is $3.7 billion in debt.

With MGM debt recently trading at 60 cents on the dollar, that would mean the studio would have to sell for more than $2.2 billion to fully pay off lenders. But almost nobody sees the Lion fetching that sort of money…

If a top bid for MGM fails to find enough support among its more than 140 lenders, the only other option would be a debt restructuring. That probably would include a prepackaged bankruptcy reorganization by which lenders would morph into owners and present owners would see their stakes heavily diluted.

Source: stargate-sg1-solutions.com

Tags: General by Justin Nolan
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SCI FI Channel has announced that it has given a green light to produce Stargate Universe, the third series in the long-running SciFi franchise, with production on the MGM Television Entertainment show set to begin in early 2009.

Brad Wright and Robert Cooper, co-creators of Stargate SG-1 and Stargate Atlantis, will serve as executive producers and writers on the new show. (Atlantis ends its five seasons next year but will continue in a two-hour telefilm.)

“SCI FI has enjoyed tremendous success with Stargate SG-1 and Stargate Atlantis, and we’re proud to be the home of the new Stargate Universe,” Mark Stern, executive vice president, original programming for SCI FI, said in a statement. “Universe will continue the Stargate legacy of vibrant story lines and compelling adventures, but will re-invent the format in a whole new way.”

After unlocking the mystery of the Stargate’s ninth chevron, a team of explorers travels to an unmanned starship called the Destiny, launched by the Ancients at the height of their civilization as a grand experiment set in motion but never completed.

What starts as a simple reconnaissance turns into a never-ending mission as the Stargate Universe crew discovers that the ship is unable to return to Earth and that they must now fend for themselves aboard the Destiny.

The crew will travel to the far reaches of the universe, connecting with each of the previously launched Stargates, thus fulfilling the Destiny’s original mission.

Stargate Universe will debut as a two-hour movie event on SCI FI. Following its premiere, Universe will assume a regular hourly slot in the summer of 2009.

Tags: Stargate Universe by Justin Nolan
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Stargate fans may not have to wait much longer to find out when the franchise’s third live-action series is coming to television. Series co-creator Brad Wright told Newsarama.com that he expects to hear word from the network soon.

The series, Stargate Universe, was first revealed to GateWorld in 2007 (story) and pitched to SCI FI Channel last fall (story). The decision was delayed by the writer’s strike, but is also complicated by the on-going success of Stargate Atlantis (renewed and now in production for Season Five) and SG-1’s direct-to-DVD movies.

“Stargate Universe is very much something we have been discussing with SCI FI and MGM for a long time … too long actually,” Wright told the site. “They need to make some decisions. I think we are at the point of finding out soon. We know what we are doing and what we want to do.”

You can read the full article at GateWorld.net

Tags: Stargate Universe by Justin Nolan
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