MGM has filed for bankruptcy in order to extinguish about $4 billion of debt and to place itself under the direction of Spyglass Entertainment. The plan is still to spend as much as $125 million on operations in the next 15 weeks.
$40 million of that will go toward "The Hobbit," while the "James Bond" franchise will also be funded. The plan is to release a new Bond installment every second year starting in November of 2012.
This means that "Bond 23" will hit theaters in two years. MGM will find a third party to help pay for production costs, and then own 100% of future installments. Stay tuned.
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