MGM watch: creditors may be asked to vote on debt restructuring, bankruptcy: Bloomberg

Creditors of Metro-Goldwyn-Mayer Inc., which controls half of the 007 franchise, are going to be asked to approve some major movies, according to a Sept. 10 Bloomberg.com story by Ronald Grover and Michael White. Highlights:

Metro-Goldwyn-Mayer Inc. creditors will be asked to approve a restructuring and pre-packaged bankruptcy plan for the studio within the next week or two, according to two people with knowledge of the situation.

Under the plan, MGM would file for Chapter 11 bankruptcy after obtaining creditor approval, with the goal of emerging from court protection by the end of the year, said one of the people, who asked not to be named because the details aren’t public. Susie Arons, an MGM spokeswoman, declined to comment.

All of this is tied in with a plan where the top management of Spyglass Entertainment would take over control of MGM. If you want to read the entire Bloomberg story, here’s a SECOND LINK YOU CAN CLICK ON.

If the Bloomberg story is correct — and IF the plan actually gets executed as described — that suggests the *earliest* Bond 23 development can resume is sometime in early 2011. Presumably, the new MGM regime would want to get to know Eon Productions bosses Michael G. Wilson and Barbara Broccoli. Also, the new MGM leadership would have to establish which studio would actually release Bond 23 once its made. Finally, there’s also the work schedules of actor Daniel Craig and would-be Bond 23 director Sam Mendes to consider.

Again, that’s just our reading of the tea leaves. It’s our guess the earliest Bond 23 would be released is 2012, but we stress that’s only a guess.

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