With the recent financial woes of MGM (Metro Goldwyn Mayer), and the very real prospect that the motion picture studio giant will have to face bankruptcy come mid-September, the filming of the 23rd Bond movie has been placed on hold indefinitely.
The company owes at least $400 million in debt and interest payments that will come due next month, which, I’m not going to lie, makes me feel slightly more confident about my own financial problems.
Tied down by almost $4 Billion (with a capital B) in total corporate debt, MGM managed to get their lenders to postpone payments for, well, too long. Now with interest racked up and no films of great success to help, Metro Goldwyn Mayer will be forced to reorganize by filing for bankruptcy.
The budget crisis has put several movies on hold aside from the latest Bond flick, including two movies based on J.R.R. Tolkien’s The Hobbit. And while I doubt anyone will be severely distraught if the Robocop remake never happens, we’re all pulling for the studio’s recovery. Even if MGM gets back in the movie-making game, something tells me their boastful lion-y roar will be reduced to a whimpering meow, at least for a while.
In more optimistic news, Disney, who experienced some financial problems of their own, is set to release some interesting films in the next 2 years, including Tim Burton’s Frankenweenie, Pixar’s Brave starring Reese Witherspoon, The Lone Ranger supposedly starring Johnny Depp and Yellow Submarine, Disney’s CGI update of the 1968 Beatles animated flick.
And speaking of Disney, don’t worry about the Disney-MGM Studios in Orlando being affected by MGM’s bankruptcy. If you’re like me and haven’t been to Disney World in a while, you might be unaware that as of January 2008, the park was re-branded as Disney’s Hollywood Studios, to show Disney’s growth in an ever-changing world of pop culture. So I guess that means no more Earful Tower?.