Serious financial problems for MGM that have forced the sale of the studio and their catalog of thousands of films. Reportedly, Lionsgate and several other companies might be interested in the purchase. But, the net impact is that many projects including filming the new JAMES BOND epic have been put on hold for now.
With an estimated $4 billion dollars in crushing debt, MGM is struggling to avoid bankruptcy and hoping to sell the company as an entire entity. Besides, Lionsgate, Time Warner, News Corp and Sony have expressed interest in the purchase of MGM. Currently, the company has set something of a January 15, 2010 deadline for bids to purchase the company. This is a last ditch to avoid bankruptcy and to sell the company whole or the company could break into small pieces, with a piece going here and there to a number of buyers.
But the problems for MGM have only delayed the production of the project known as "BOND 23". Daniel Craig is scheduled to return, and is also scheduled to appear for at least a fourth film as well. But with MGM having such a serious financial nightmare don't expect to see a new Bond film before sometime in 2011.