MGM’s steering committee has presented a plan to creditors to go it alone following the closing of the second round of bids for the troubled studio last month after the bids came in disappointingly low.
Creditors have agreed to extend the deadline for repayment of debt, which was due in April, for the forth time. The new plan will require the studio to raise a further $1 billion in order to make 6 to 8 films per year.
The meeting, which happened last Thursday, means the studio is less likely to be sold but it seems likely that Bond 23 and The Hobbit are likely to be delayed.
One option for MGM is to sell its stake in those two franchises. Warner Bros. is reportedly interested in buying MGM’s half of The Hobbit, while Sony is interested in becoming involved in the distribution and production of future Bond films.