Hollywood studio Metro-Goldwyn-Mayer has filed for bankruptcy protection in a move that had been agreed with lenders.
MGM is set to merge with Spyglass Entertainment, whose co-chief executives will lead the company.
Secured lenders including Credit Suisse Group AG and JPMorgan Chase & Co to swap more than $US4 billion of debt for most of the equity in the reorganized company.
Billionaire investor Carl Icahn was involved in the run-up to the filing, first backing a rival takeover attempt by Lions Gate Entertainment Corp, then throwing his weight behind Spyglass last week.
