This is the question looming in the minds of fans as journalists can only guess at how far down the sale process MGM is?
Recently, despite a debt of $4 million, MGM made it clear they were holding their cards close to their chests – with a pack of non-disclosure agreements being posted to those expressing an interest in buying the big cat.
The most recent development is that Variety claims insider knowledge, announcing that a few of these agreements were returned, signed, meaning that there are parties seriously considering a purchase.
“It’s not a given that MGM will be sold,” explains Variety reporters. “The beleaguered studio has left open the door to continue operating as a standalone entity or forming some kind of strategic partnership if MGM’s 140 debtholders agree to do so, possibly through a prepackaged bankruptcy. The bondholders have agreed to hold off receiving interest payments until Jan. 31 in order to enable management to find out the actual value of the assets and whether it should proceed with a formal auction.”
What does this mean for James Bond 23? Fans had been hoping for a 2010 release (following the two year pattern set by Casino Royale and Quantum of Solace) but a 2011 release is far more realistic – provided MGM has its affairs in order by the time it comes to publicise and distribute the picture.
Last time around we were relatively fortunate that Sony was handling the Bond picture, but it seems as if this will not be the case for Bond 23.
Many predict it will not be a simple matter of bailing out the iconic film company and carrying on regardless. At any rate, James Bond fans wont rest easy until MGM is in safe hands and on a sure financial footing.
Here’s hoping someone takes action.