Spyglass Entertainment and MGM are reportedly in talks to complete a deal before the studio’s fifth debt waiver expires in mid-July.
A third of MGM’s debt is now in the hands of a small group of hedge funds who are looking for a pre-packaged bankruptcy in which they would take control. Having agreed to this in principal with MGM’s management they arranged talks with a number of other Hollywood studios, including Spyglass and Summit, the company behind the Twilight series.
However, the preferred choice is Spyglass, with a proposal to produce a mixture of low-budget films as well as blockbusters such as Bond 23. The pre-packaged deal would see MGM seek approval for the bankruptcy in advance, minimising the time taken in the legal process.
That could be good news for Bond 23 as it might mean EON Productions officially restart pre-production within a few months, or earlier should they feel that things are likely to be resolved.
On the other hand it may be that MGM’s creditors will be looking to sell assets; and one of the biggest things it has are the rights to the James Bond film series. That would leave EON in a less secure position as they would then need to wait until MGM’s stake in Danjaq was found a new home.