Could Money Woes Cost MGM James Bond and The Hobbit?
25 September 2009 7:02 AM, PDT MGM has been plagued by financial woes for much of their long and illustrious career, but their most recent crisis could end up costing them two of their biggest titles. Nikke Finke of Deadline Hollywood Daily is breathlessly reporting that the studio is teetering on the edge of bankruptcy with over $3.5 billion in debt. MGM held a very long conference call with their creditors, pleading with themto waive their interest payments until February 2010, and allow them the cash they need for the rest of the year, particularly to fund its upcoming slate of films. Naturally, some of those are highly anticipated, such as Robocop, The Hobbit, and the latest James Bond installment. However, MGM’s creditors aren’t feeling particularly charitable, and may force the studio to file for bankruptcy. If that happens, they could lose James Bond, The Hobbit, and numerous other franchises as MGM would have to sell them to the highest bidder.