MGM Bankruptcy, Layoffs: Hot Trends

(Information on MGM's bankruptcy plans and government layoffs updated in today's Hot Trends article.)

NEW YORK (TheStreet) -- "MGM bankruptcy" is a trending topic today following reports that Metro-Goldwyn-Mayer plans to file for bankruptcy protection.

The motion picture company that controls the James Bond franchise said that it has requested its creditors' approval on a bankruptcy plan. Under the proposed plan, MGM will exchange more than $4 billion in debt for close to 95% equity in a new company.

Privately held production company Spyglass Entertainment would gain a 4.7% stake in the reorganized company by merging two subsidiaries into MGM. Approved holders of secured debt as of Oct. 4 can vote until Oct. 22 at which point the company plans to file for bankruptcy.

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"Government layoffs" is a heavily searched phrase today after the Labor Department released data showing that the nation's payrolls fell by a net total of 95,000 jobs.

>>Layoffs Continue to Mount

Reports attribute the significant drop to a wave of government layoffs in September.

The U.S. Bureau of Labor Statistics reported that the unemployment rate was 9.6% last month, marking September as the 14th consecutive month that the jobless rate was over 9.5%. Government jobs fell by 159,000, primarily due to a loss of temporary census workers.

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"UPS jobs" is a trending topic today after the United Parcel Service(UPS) announced its plan to hire 50,000 seasonal employees to work the holiday season.