Bankruptcy, Mgm | featured news

In the midst of complicated financial restructuring following their bankruptcy claim, MGM has issued plans for the future of their flagship James Bond franchise, reports Bloomberg .

The next, currently-untitled, Bond film is planned for November 2012 and the article claims that sequels will follow every other year.

The 23rd entry in the franchise, the film was originally set to star returning actor Daniel Craig as Bond with Sam Mendes attached to direct. Though it is very likely that Craig will still return, there is not yet a confirmation of Mendes' continued involvement.

Hollywood studio Metro-Goldwyn-Mayer Inc., the home of James Bond, says it has filed for bankruptcy protection as the culmination of a long process to restructure its finances with the support of lenders.

Executives from Spyglass Entertainment will take over the company once it emerges from bankruptcy.

MGM's ongoing financial difficulties could be reaching the point of no return -- which would complicate the futures of the Bond franchise and "The Hobbit."