MGM watch: Nikki Finke Web site says nothing new on Bond 23

Nikki Finke’s Deadline Web site says it’s way too early to say Bond 23 is dead.

A post by editor Mike Fleming says reports from the Daily Mirror (and others) this past weekend that Bond 23 has been canceled are over the top:

While Sony, Fox, and Warner Bros would love to grab the Eon Productions franchise, I’m told reliably that as long as MGM’s debt restructuring is preceded by a pre-packaged bankruptcy, Bond isn’t going anywhere.

For the uninitiated, in a pre-packaged bankruptcy, a company first obtains agreements from its lenders on restructuring its debt. The company then files for bankruptcy, but the having the agreements in hand minimizes the time in bankruptcy court.

In an update to the post, Fleming added this:

“You are absolutely right, there is no new news. Development will resume once MGM is viable again, as Danjaq can’t go anywhere without them. So all bets are off. No idea when this will get resolved,” a source integral to the Bond franchise told Deadline London editor Tim Adler today.

To read Fleming’s entire post (which also says Daniel Craig and would-be director Sam Mendes aren’t going anywhere, click the above link or JUST CLICK HERE.

Here’s also a shoutout to the Commander Bond.net Web site, which had its own summary YOU CAN READ BY CLICKING HERE. That summary, by Matt Weston, also includes a link to a related Hollywood Reporter link.

UPDATE: MGM, meanwhile, is seeking yet another extension of a moratorium on its debt payments, according to a July 7 story by Ronald Grover on Bloomberg.com:

Metro-Goldwyn-Mayer Inc., the film studio up for sale after falling behind on $3.7 billion in debt, will ask lenders to extend a moratorium on interest payments, according to two people with knowledge of the situation.

The Los Angeles-based company will e-mail ballots to more than 100 creditors this week, said one of the people, who asked not to be named because discussions are private. The current forbearance expires on July 14.

You can read the entire story by CLICKING RIGHT HERE.

One Response

  1. What else is new ?

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