Variety are reporting today that MGM will have its pre-packaged bankruptcy plan approved by a federal court on December 2nd in Manhattan.
The great machine that is one of Hollywood’s oldest and most iconic studios will be restructured in order to clear debt and start producing films again.
For Bond fans this means that 007 will be on the agenda early, as James Bond 23 – along with the long-awaited Hobbit movie – will be big earners for MGM.
The deadline for creditor objections MGM’s proposed plan was Friday, none have been made. A meeting on Tuesday, ahead of the court date will confirm this.
Spyglass have been lined up to manage the restructured company after it capitalises its debt. The Hobbit will benefit from this first, with shooting expected in Feburary 2011 (Summer in New Zealand) but the producers of the 23rd James Bond film have been typically silent on their plans.