Creditors of the MGM studio in Hollywood have voted in favour of a bankruptcy plan offered by Spyglass Entertainment.
The rescue deal would put the company at the helm of MGM, which has $US4 billion in outstanding debt.
Sources said the creditors rejected a rival offer from the Lionsgate company.
MGM, which has the James Bond franchise, is in debt due to several box office flops and a slump in DVD sales.
The BBC reports the rescue plan provides for MGM's secured lenders to exchange $US4 billion in debt for equity in the company upon its emergence from Chapter 11.
The company would then be taken over by Spyglass.