MGM made a bold move this week to tackle its $37B debt. The struggling lion removed Harry Sloan as CEO and appointed Stephen Cooper. Sloan has worked the past four years to nurture MGM back to life as a major studio player.

Variety reports Cooper, also named Vice Chairman, begins work immediately tackling such issues as the fate of MGM’s library, the James Bond franchise and a pivotal stake in THE HOBBIT movies.

Cooper oversaw Enron's bankruptcy as interim Chief Executive and the Krispy Kreme Doughnuts restructuring, as CEO.

MGM hasn't released a film since last December's VALKRIE, which grossed $200M worldwide. The studio’s next scheduled theatrical release, a remake of FAME, is due September 25th.