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Bankrupt Bond?
11th October 2010
It looks as if this really is the end of the line for the historic film studio behind the James Bond franchise. Metro-Goldwyn-Mayer (MGM) have been looking for a buyer for the last few months, but their £2.5bn of debts have inevitably put off most potential suitors, leading to the present situation.
Having failed to find a bidder for the company, MGM are preparing for bankruptcy proceedings which, if their plans are agreed by creditors, would leave the banks owning 95% of a new company and Spyglass Entertainment, a privately-owned film studio, with the remaining 5%. However, if this last-ditch plan isn’t agreed by 22nd October then the future of both James Bond and The Hobbit will be in the hands of the administrators. Click here for the full BBC article.