Hollywood film studio Metro Goldwyn Mayer has begun plans to file for bankruptcy protection in an effort to rid itself of $4bn (£2.5bn) of debts.The company behind the James Bond films wants more than 100 of its creditors to agree plans to enter chapter 11 bankruptcy while it restructures.
Creditors will get a 95% stake in the company as part of the deal.
Chapter 11 allows MGM to operate as normal, but money troubles have held up production of new 007 and Hobbit films.
The bankruptcy plans follow months of speculation over the future of MGM, which has struggled with large debts, a lack of blockbuster film releases, and a downturn in DVD sales.
Earlier this year, the studio put itself up for sale, but failed to find suitable bidders.