MGM bondholders are continuing to favor a plan by Spyglass Entertainment principals Gary Barber and Roger Birnbaum to take over the debt-laden studio despite a last-minute play to merge with Lionsgate, according to insiders in the deals.

Debtholders led by JP Morgan’s John Miller and Alan Levine apparently feel comfortable with Barber and Birnbaum, and are worried that Carl Icahn is too much of a wild card to switch directions at this stage.

Icahn is indeed a wild card, but it’s hard to see how the lenders stuck underwater with $4 billion in MGM debt can miss the benefits of a deal with Lionsgate over Spyglass.

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