MGM Files For Bankruptcy, Plans New Bond Movie

MGM has reportedly filed for Chapter 11 bankruptcy.

The movie studio is $4 billion in debt, but a plan to reorganize the studio would exchange that debt for equity in the company. Gary Barber and Roger Birnbaum of Spyglass Entertainment would be brought in to help manage the company under the plan, which is expected to be approved by a federal bankruptcy judge within a month.

In the meantime, MGM is moving ahead with plans for a 23rd James Bond movie. The movie is currently slated for a November 2012 release, and the studio has announced plans to subsequently release a new Bond flick every two years.

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