Spyglass co-founders Roger Birnbaum and Gary Barber are reportedly moving closer in their quest to run beleaguered MGM.

According to reports the pair have signed non-binding letters of intent to become co-chairmen and CEOs of the studio.

The executives would then most likely oversee a pre-packaged bankruptcy process to convert the $4bn in debts into equity and equip the studio to start producing a slate.

According to the LA Times Birnbaum and Barber are courting Qualia Capital’s Ken Schapiro to come on board as COO.