NEW YORK (CNNMoney.com) -- MGM has filed for Chapter 11 bankruptcy protection as part of a "pre-packaged" plan with creditors, the movie studio said Wednesday.
In court papers filed in New York, the movie studio behind "Rocky:" and the James Bond movies said its bankruptcy should last only about 30 days.
Under the terms of the deal, major lenders Credit Suisse and JPMorgan (JPM, Fortune 500) will exchange $4 billion in outstanding debt for most of MGM's equity when it emerges from Chapter 11 protection.
MGM will then be transferred to the control of Gary Barber and Roger Birnbaum, who run the movie company Spyglass Entertainment.
MGM has also agreed to a deal with Carl Icahn, one of its largest shareholders, in exchange for the billionaire investor's support in its restructuring. Icahn had previously pushed for MGM to merge with another studio, Lions Gate Entertainment.
In a prepared statement, MGM executives said the studio "is emerging from one of the most challenging periods of its storied history."
The company said it expects to raise $500 million after emerging from bankruptcy to finance projects including the production of films and TV series. 
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