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subsidiary were now producing very few films each year, and it was widely believed that MGM's solvency will depend on the box-office performance of these films (especially its upcoming 23rd James Bond film).[103][106] There was some indication that Relativity Media and its financial backer, Elliott Associates (a hedge fund based in New York), had been acquiring MGM debt in an attempt to force the company into involuntary bankruptcy.[100][107][108] On August 17, 2009, chief executive officer Harry E. Sloan stepped down and MGM hired Stephen F. Cooper as its new CEO,[6][109][110] a corporate executive who guided Enron through its post-2001 bankruptcy and oversaw the restructuring and growth of Krispy Kreme in 2005.[103][111][112] Expectations were that Cooper was hired to act quickly on MGM's debt problems.[103][111] On October 1, 2009, the studio's new leadership negotiated a forbearance agreement with its creditors under which interest payments due from September to November 2009 did not have to be paid until December 15, 2009.[113] MGM stated in February 2010 that the studio would likely be sold in the next four months, and that its latest film, Hot Tub Time Machine, might be one of the last four films to bear the MGM name.

However, some stated that the company might continue as a label for new James Bond productions, as well as other movie properties culled from the MGM library.[114][115] MGM Holdings, Metro-Goldwyn-Mayer and 160 affiliates filed for Chapter 11 bankruptcy on November 3 2010 with a prepackaged plan for exiting bankruptcy which led to MGM's creditors taking over the company.[116] On December 20, 2010, MGM executives announced that the studio had emerged from bankruptcy.

Spyglass Entertainment executives Gary Barber and Roger Birnbaum became co-Chairs and coCEOs of the studio.[117][118] After MGM emerged from bankruptcy, on December 23, 2010, MGM named Ann Mather, the ex-Pixar CFO, to head MGM's new board of directors.[119] On December 29, 2010, MGM signed a new lease with New Yorkâ  based group George Comfort & Sons for a six-story building in the corner of 235â  269 N. Beverly Drive that was intended to be the new headquarters for William Morris Agency. MGM will be leaving its old headquarters in Century City.[120] On January 4, 2011, MGM and Weigel Broadcasting announced plans to distribute Me-TV nationwide.[121][122] On February 2, 2011, MGM named Jonathan Glickman to be the film president of MGM. Six days later, MGM was finalizing a distribution deal with Sony Pictures Entertainment to handle distribution of its 4,000 films and DVDs worldwide and on digital platforms, including the two upcoming Bond films: Skyfall and Bond 24. There were four studios who were bidding on the Bond distribution rights: Paramount Pictures, Warner Bros. Pictures, 20th Century Fox, and Columbia Pictures. Paramount was the first studio who dropped out of the Bond bidding.

The deal was finalized on April 13, 2011. Post-bankruptcy, MGM also co-financed SPE's The Girl with the Dragon Tattoo. 20th Century Fox's deal with MGM handling its library distribution worldwide was set to expire in September 2011.[123][124] However, the deal was renewed and extended on April 14, 2011 and will expire in 2016.[125][126] MGM moved forward with several upcoming projects, including remakes of RoboCop and Poltergeist,[127][128] and released their first post-bankruptcy film Zookeeper, which was codistributed by Columbia Pictures on July 8, 2011.

The new MGM, under Barber and Birnbaum's control, focuses on co-investing on films made by another party, which handle all distribution and marketing for the projects. MGM handles international television distribution rights for the new films as well as its library of existing titles and