That's the expected good news, delivered by the Century City-based studio on Wednesday. An unfortunate related update is that a J.P. Morgan-led creditors committee appears unmollified by the announcement.
There was never considered a sizeable risk that the audit would result in a warning being issued about MGM's viability as a "going concern." But the mere theoretical chance of that happening shook creditors, who then hired investment consultancy Houlihan Lokey to advise on possible strategies for dealing with the situation.
Fortunately for MGM, the successful conclusion of its audit means the creditors would be hard-pressed to force a court-supervised reorganization of the studio. It appears the more than 140 lenders comprising the creditors group can only jawbone about their concerns for the time being.
MGM, which is owned by a consortium of private equity firms, Sony and Comcast, also has been mulling how to restructure its finances.
Fame stars Debbie Allen, Charles S. Dutton, Kelsey Grammer, Megan Mullally, Bebe Neuwirth, Thomas Dekker, Kristy Flores, Paul Iacono, Paul McGill, Naturi Naughton, Kay Panabaker, Kherington Payne, Collins Pennie, Walter Perez, Anna Maria Perez de Tagle and Asher Book and will be released nationwide on September 25.
Allen made her screen debut as a dance instructor in the 1980 film, and went on to recreate the part of Lydia Grant in the TV version - one of her best-known roles.
The movie follows dancers, singers, actors and artists from auditions to graduation at the New York City High School of Performing Arts.
Allen will be playing a principal in the remake, co-starring Kelsey Grammer, Megan Mullally and Bebe Neuwirth.
The film is scheduled for release on 25 September.
The quintet has been chosen to fill out the administrative and teaching roles in MGM and Lakeshore Entertainment's remake of "Fame." Choreographer Kevin Tancharoen will direct the reinvention of the 1980 musical about a group of dancers, singers, actors and artists trying to survive four gruel¬ing years at the prestigious New York City High School of Performing Arts.
Allison Burnett and Aline Brosh McKenna wrote the updated screenplay.
Gary Lucchesi and Tom Rosenberg of Lakeshore are producing the $25 million project along with Mark Canton; vp production Becky Sloviter is overseeing the film, which has scheduled a Sept. 25 release date, for the studio.
"This picture is a celebration, a testament to people pursuing their dreams, so we set out to find talented actors who could both convincingly instruct onscreen and also inspire audiences," MGM Worldwide Motion
MGM has compiled most of the lead cast for its accelerating remake of the 1980 musical "Fame." Kristy Flores, Paul Iacono, Paul McGill, Naturi Naughton, Kay Panabaker, Kherington Payne, Collins Pennie, Walter Perez and Anna Maria Perez de Tagle have joined the ensemble.
"Terminator: The Sarah Connor Chronicles" star Thomas Dekker also is in negotiations to take one of the remaining leads. And Debbie Allen, who played Lydia in the original, is rumored to be in line for a cameo, though not as the same character.
The studio is seeking actors for the adult roles.
Written by Allison Burnett and Aline Brosh McKenna, the reinvention will be directed by choreographer Kevin Tancharoen. Gary Lucchesi and Tom Rosenberg of Lakeshore Entertainment are producing the $25 million project along with Mark Canton. Becky Sloviter is overseeing for MGM.
The film is expected to begin lensing
The actor, who currently stars in Terminator TV spin-off Terminator: The Sarah Connor Chronicles, is the favorite to lead the cast in a remake of the hit 1980 musical about the talented kids at a New York performing arts school.
The new film will be directed by Kevin Tancharoen, who has choreographed and shot videos for Britney Spears and Jessica Simpson.
The original Fame was directed by Alan Parker, and starred Irene Cara, Laura Dean and the late Gene Anthony Ray. The film was nominated for six Oscars and won for Best Score and Best Original Song.
Dekker, a former child star, is already an accomplished musician - his album Psyanotic was recently released online.
The star of Fox's "Terminator: The Sarah Connor Chronicles" is in talks to take a lead role in MGM's remake of the 1980 musical "Fame." Dekker is gunning to play Marco, a working-class kid with some gnarly acting chops who is competing with thousands of other hopefuls to get into and survive an elite New York public high school for the arts.
Written by Allison Burnett, the revamp will be directed by Kevin Tancharoen, a director and choreographer who has worked in TV (MTV's "DanceLife"), on music videos and on tours for such singers as Britney Spears and Jessica Simpson. Mark Canton ("300") is producing the $25 million project along with Gary Lucchesi and Tom Rosenberg of Lakeshore Entertainment ("Elegy").
The producers have been holding open casting calls in New York and Los Angeles since the spring (video auditions posted by wannabes also pepper YouTube).
The original "Fame,
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