Spyglass Entertainment’s long-in-the-works takeover of the debt-riddled Metro-Goldwyn-Mayer was officially approved by MGM’s creditors today, EW has confirmed. According to a release from MGM, the deal “will dramatically reduce [MGM’s] debt load and put the Company in a strong position to execute its business strategy.” The announcement comes on the heels of a separate deal in New Zealand to keep production of The Hobbit — to which MGM co-holds the rights with Warner Bros. and Warner-based New Line Cinema — in the country. How the MGM/Spyglass deal might affect future James Bond productions remains unclear.