‘So the bondholders said to MGM, in essence that they were going To let the studio go bankrupt’

MGM studios appear to be in financial difficulty according to recent reports which are claiming over $150 million is required to get through until the end  of 2009and $20 million to cover overhead cash flow problems.  Rumours are currently circulating that MGM are in a possible threat of bankruptcy.

If the studios go into financial decline this will mean that up and coming franchises such as ‘The Hobit’ and its sequel will not go ahead at the studios.  An even bigger concern is of the ‘James Bond 23’ movie and all future James Bonds the studios had planned.  Without James Bond the future of MGM studios is uncertain and according to the reports the classic SIS agent films were the main reason that MGM were still thriving today.

An excerpt from the report states the following:

So the bondholders said to MGM, in essence, that they were going to let the studio go bankrupt and collect their money since they'd be first in line to get paid. But Cooper explained that this would be the worst possible outcome for the creditors and the company. Because if MGM were forced into bankruptcy, then it would lose James Bond and the studio doesn't think it can stay alive without 007. Also, a lotof other issues would surface that would tremendously hurt MGM.

We can only hope that the creditors will save MGM Studios and that our favourite SIS agent and other fantastic future film franchises will be on our screens for many years to come!

Article written by Caitlin D’Arcy