Metro-Goldwyn-Mayer Inc., which is struggling with a roughly $3.7 billion debt load, said Tuesday that it replaced chief executive Harry Sloan with a team of senior executives and a well-known restructuring adviser.

MGM, owned by a group that includes Providence Equity Partners, Sony Corp of America and Comcast, said Sloan will remain at the company as non-executive chairman. He joined the legendary Los Angeles film studio last year under a three-year contract.

The new Office of the CEO includes Mary Parent, the company’s motion-picture group chairwoman, and Bedi Singh, chief financial officer. Stephen Cooper, co-founder of restructuring firm Zolfo Cooper, has been appointed vice chairman and also will be a member of the office.

Zolfo Cooper is a New York City spinoff from Marsh & McLennan Cos. Cooper himself has worked with Krispy Kreme Doughnuts and Enron in the past to stabilize their finances.

“This leadership team offers MGM the ideal combination of talent to best position the company for the long term: industry experience, management continuity and the addition of a proven professional with expertise in strengthening capital structures,” the board of directors said in a statement.

MGM has not had a new release since last December. Its remake of “Fame” is set to premiere on September 25. The company reportedly pays about $300 million a year in interest and faces $1 billion in payments in June 2011. In addition, the company has a $250 million line of credit that matures in April.