Mgm Saved By Investors
The future of the James Bond franchise appears to be secure following a landmark financial deal to save the Mgm film studio.
Daniel Craig's third outing as the superspy in the 23rd 007 picture was put on hold after the company fell into debt and executives failed to find a suitable buyer to pull the firm out of trouble.
Lord of the Rings prequel The Hobbit also suffered severed delays as MGM bosses struggled to break the financial deadlock.
But executives have now announced the company has been saved by a debt-restructuring deal with Spyglass Entertainment, the U.S. company behind last year's (09) Star Trek and recent comedy Get Him to the Greek.
The deal was announced on Friday (29Oct10) and is set to be made official in the coming days.
A statement from MGM bosses reads, "MGM will now move expeditiously to implement that plan, which will dramatically reduce its debt load and put the company in a strong position to execute its business strategy. MGM is appreciative of the lenders' support."