Spyglass Entertainment has emerged as the leading contender to run Metro-Goldwyn-Mayer Inc., said people familiar with the matter, as the beleaguered film studio races to restructure a roughly $4 billion debt load this summer.

According to the Wall Street Journal, Spyglass co-heads Gary Barber and Roger Birnbaum would run the studio as co-chief executives under a plan being discussed with MGM’s creditors, these people said.