Ailing US studio Metro-Goldwyn-Mayer (MGM) is seeking approval from its creditors to file for bankruptcy protection against its US$4bn debt.
Under the proposals, MGM executives are offering its backers a 95% stake in the company in exchange for the outstanding debt, as reported by the UK's Financial Times.
The studio, home to the James Bond and Pink Panther franchises, called on 100 financiers to allow it to enter Chapter 11 protection, to buy it time to restructure.
Under Chapter 11, the debtor can remain in control of its business operations, or has the option to restructure the company and pass control to others. In MGM's case, it would pass control to its creditors.
MGM's 100 creditors have until October 22 to vote on the proposals. More than 50 lenders who own at least two-thirds of its debt must approve the plan for it to go ahead.
The studio's executives have also proposed that Spyglass Entertainment, the company behind the latest Star Trek feature, take charge of the remaining 5% of the business, as MGM's senior executives step down.
MGM, which began looking for buyers around a year ago, reportedly rejected a US$1.5bn offer from Time Warner.
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