MGM has announced plans to file for bankruptcy protection.
The film studio hopes to eliminate $4bn (£2.5bn) worth of debt by asking over 100 companies to relinquish the sum during its restructuring, reports BBC News.
Firms involved would then receive a 95% stake in the studio, which will continue to operate as normal throughout the plan.
The proposal also calls for privately-owned production company Spyglass Entertainment to combine two of its businesses which will then merge into what will become the new MGM.
The studio was put up for sale earlier this year but no buyer was found.
MGM has the James Bond franchise as well as Peter Jackson’s forthcoming Hobbit series in its possession, both of which have stalled as a result of the studio’s financial situation.