Metro-Goldwyn-Mayer said it has formally emerged from Chapter 11 with former Spyglass Entertainment executives Gary Barber and Roger Birnbaum taking over as co-chairmen and chief executives.

Secured lenders, including Highland Capital Management, Anchorage Advisors and billionaire Carl Icahn, exchanged about $5 billion in debt for most of the equity in the legendary Century City studio behind “Gone with the Wind and the James Bond series.

The reorganized company now has roughly 320 employees and $500 million new financing arranged by JPMorgan. It is expected to seek additional money to get back into production on the next Bond film, which was suspended during the bankruptcy. It also has a two-part production of "The Hobbit" in the works. The studio has a 50 percent stake in both the Bond and Hobbit productions.

“MGM is emerging from one of the most challenging periods of its storied history,”said Barber and Birnbaum in a statement. “Beginning today, MGM is a stronger, more competitive company, with a solid financial foundation and a bright future.”

The studio made the announcement late Monday.

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