MGM are, and have been for many years, dealing with significant financial debts, to the tune of almost $4bn. With concerns about the company’s solvency, a recent conference call debated whether the studio should file for bankruptcy in a bid to gain back some of the otherwise lost money.
Should this happen, MGM’s assets might be sold to cover the debts, including the rights to the James Bond franchise, the potential RoboCop remake could never see the light of day. This would inevitably delay Bond 23, and who knows what else.
MGM’s current plan is to convince creditors to waiver interest payments until January 2010, with that money instead going to fund new movies. There’s a lot up in the air right now, but we’ll keep you posted.