MGM has received a two-month extension on its debt payment, reports VARIETY. The company's 140 creditors approved the sixth extension on Wednesday, the day their fifth extension was set to expire.

The creditors decided to give the extension after meeting with Lionsgate execs on their plans to acquire the company. Insiders say that Lionsgate wants to keep the MGM name with company heads Jon Feltheimer and Michael Burns running both studios. The lenders would still need to approve of a debt-for-equity deal.

Lionsgate would gain a 7,000-title library, the rights to James Bond and half of THE HOBBIT, and a distribution division.

MGM currently hold $3.7 billion in debt.

MGM has other interested buyers such as Spyglass, Summit and Time Warner, which made $1.5 billion bid in March.