MGM gives new hope for Bond film
The next James Bond movie could be back on track after troubled Hollywood studio Metro-Goldwyn-Mayer took steps to emerge from bankruptcy.
MGM, also famed for classics such as The Wizard Of Oz and Gone With The Wind, said a new court-approved restructuring plan was now under way.
The postponed Bond 23, set to feature Daniel Craig returning as 007 for the third time, is now expected to be released in late 2012.
The latest instalment from the top British spy was due to begin shooting this year, for release in 2011. But the movie was put on indefinite hold, with EON Productions blaming the studio's financial difficulties.
MGM's creditors, who were owed about five billion dollars, have exchanged their debt for ownership stakes, and the studio has also arranged 500 million dollars in financing to pay for new movies and TV shows.
The studio is also working on quirky horror film The Cabin In The Woods, but a final wrap has been delayed by a decision to make it into 3D.
And it has finished shooting Red Dawn, a remake of the 1984 classic in which a group of teenagers fight against a military invasion on US soil, but no release date has been set.