MUMBAI: Sahara India Pariwar’s dream of a takeover of the cash-strapped Metro-Goldwyn-Mayer (MGM) Inc, which some critics say was a publicity stunt, has evaporated with the studio rejecting its $2 billion bid.

The studio’s creditors are now working on alternative plans to bail out the struggling Hollywood studio.

The company‘s chairman Subrata Roy Sahara had a conference call with the studio’s creditors on Tuesday. He later said that his offer was rejected within hours of his talk with creditors.

MGM’s creditors who need to recover around $4 billion are now negotiating a restructuring plan for the studio that could include a prepackaged bankruptcy, Roy added.

MGM has rights to the James Bond franchise and owns half of the upcoming movies based on J.R.R. Tolkien‘s The Hobbit.