The 23rd James Bond movie - with Daniel Craig believed to be returning as the suave spy - will now be released in November 2012 .

The project had been on hold because of financing problems with studio Mgm, but it announced yesterday (04.11.10) it had filed for bankruptcy to rid The Company of its rumoured $4 billion debts, allowing work on the movie to go ahead.

The company revealed it plans to release a new movie in the franchise every second year starting in 2012.

MGM added it hopes to own 50 per cent of the untitled 23rd Bond film - which is as yet untitled - bringing in a partner to pay the production costs and aims to wholly fund and own future James Bond productions.

Director Sam Mendes had pulled out of the project because of the difficulties but he is thought to be back on board with production, taking himself out of the running to direct 'The Hunger Games'.

While it is thought Daniel Craig will reprise his role as James Bond, there is some worry that it could clash with his filming of the English language-adaptation of 'The Girl With The Dragon Tattoo' trilogy.