Struggling U.S. movie studio Metro-Goldwyn-Mayer (MGM) filed for bankruptcy protection on Nov 3 after reaching agreement with creditors on a debt-for-equity swap.

MGM was founded in 1924 and is famous for its roaring lion logo. It was behind many of Hollywood's best-known films, including Ben-Hur and the Pink Panther and Rocky film series. Its films have won more than 200 Academy Awards.

In early December, sources said that a federal bankruptcy court had approved a settlement, allowing the studio to emerge from bankruptcy protection.

Under the new plan, the company's creditors will swap nearly five billion U.S. dollars in outstanding debt for most of the equity in MGM. Spyglass Entertainment Partners Gary Barber and Roger Birnbaum will become the company's new owners.

The approval is expected to end the turmoil and uncertainty that have plagued the movie studio for 18 months.

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