MGM watch: MGM files for bankruptcy, says it wants to jumpstart the 007 series

Metro-Goldwyn-Mayer filed for Chapter 11 bankruptcy on Nov. 3. The home studio of James Bond (and half-owner of the 007 film franchise) made its filing in U.S. Bankruptcy Court in New York City. The filing also indicates that jumpstarting the now-dormant 007 film series is a priority.

Here’s part of a story by Bloomberg.com:

New James Bond films may be released every second year starting in November 2012, MGM said. It aims to own 50 percent of Bond 23, due out that year, with an equal partner paying all of the production costs, it said. Later Bond movies would be wholly owned and funded by MGM, the company said.

MGM is going to bankruptcy court to wipe out almost $4 billion in debt. The studio’s financial uncertainty prompted Eon Productions, which controls the other half of the franchise, to suspend development of Bond 23. MGM’s filing is the first time any entity involved in the matter has provided any kind of timetable for Bond’s return to the screen following 2008’s Quantum of Solace.

Under the revamping plan, Spyglass Entertainment co-founders Gary Barber and Roger Birnbaum will take command of MGM, which will only produce films and TV shows and cut distribution deals with other studios. While most productions will be modest, MGM would produce a few large films such as Bond 23 and The Hobbit. Eon’s boss people, Michael G. Wilson and Barbara Broccoli, haven’t spoken publicly about the Spyglass plan.

The studio’s statement on the filing tried to sound reassuring and said it’s anticipating the journey through bankruptcy court will be short:

MGM has sufficient cash on hand, and the consent of its lenders to use this cash, to fund normal business operations throughout the Chapter 11 process. MGM has filed “first-day” motions seeking immediate Court approval to continue paying its employees, vendors, participants, guilds and licensors in the ordinary course of business during the entire Chapter 11 process, for both pre-petition and post-petition obligations. MGM anticipates that the Plan will be confirmed by the Court in approximately 30 days.