Aug 10 (Reuters) – Spyglass Entertainment is nearing an agreement to run Metro-Goldwyn-Mayer Inc once the film studio restructures $4 billion of debt this summer through the bankruptcy process, the Wall Street Journal said on Tuesday, citing people familiar with the matter. An agreement could come as soon as this week, valuing MGM at about $1.9 billion, the newspaper said, citing the sources. The sources also said MGM hopes to file a prepackaged bankruptcy in mid-September when its latest debt waiver expires, according to the Journal.

MGM creditors have spent the better part of a week with Spyglass co-heads Gary Barber and Roger Birnbaum negotiating the makeup of a board, and have worked out financial details, the newspaper said. More..