MGM laid off dozens of staffers Friday in its Los Angeles-based theatrical distribution, marketing and post-production departments.

About 50 employees were let go, and the layoffs were part of the studio's reorganization plan which was  approved by bankruptcy court earlier this month.

MGM is currently waiting for final sign-offs on its new credit facility that would allow it to exit bankruptcy and resume operations. The company expects to arrange $500 million in financing.

The restructuring plan appoints Spyglass Entertainment co-toppers Gary Barber and Roger Birnbaum as co-CEOs of MGM, which filed for "prepackaged" bankruptcy reorganization on Nov. 3.