Metro-Goldwyn-Mayer Studios Inc., distributor of James Bond and Rocky films, won a judge’s approval to reorganize under the management of Spyglass Entertainment Group Inc. and billionaire Carl Icahn, removing the last hurdle to emerging from court protection.

U.S. Bankruptcy Judge Stuart Bernstein in New York confirmed MGM’s Chapter 11 plan today, less than a month after the studio filed for bankruptcy. Equity will be canceled, and more than $5 billion in claims will convert to 99 percent of the reorganized company.

MGM expects the bankruptcy plan to become effective in mid-December, the company said in a statement after the judge’s ruling.

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