Metro-Goldwyn-Mayer creditors have overwhelmingly passed Spyglass' proposal to take over leadership of the company.

The plan reportedly received the vote of over two thirds of MGM's debt holders.

Potentially throwing a wrench into that proposal has been a last-minute merger offer from Lions Gate Entertainment Inc. MGM executives favor the Spyglass plan over Lions Gate's, because they maintain the financing is more firm. Also, there are concerns among MGM's leadership and creditors over ongoing legal battles being waged between Lions Gate;s and its malcontent investor Carl Icahn.

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