(Reuters) – Metro-Goldwyn-Mayer Studios Inc won a federal judge’s approval for its bankruptcy reorganization plan, clear the way for the storied Hollywood studio to emerge from Chapter 11 under new ownership.

U.S. Bankruptcy Judge Stuart Bernstein approved the plan at a hearing on Thursday in Manhattan, with a written order expected to follow. Jay Goffman, a lawyer for MGM, said the company expects to emerge from bankruptcy in a few weeks.

Founded in 1924 and known for its roaring lion logo, MGM produced, released or controls many of Hollywood’s best known films, including the James Bond, Pink Panther and “Rocky” film series, as well as “Ben-Hur” and “The Wizard of Oz.” More..