MGM’s plan to emerge from bankruptcy was given the green light today, the final roadblock to progress on Bond 23. The studio expects to emerge from bankruptcy in a few weeks after Judge Stuart Bernstein approved the plan at a hearing in Manhatten. According to an article in Variety:
The Chapter 11 plan will eliminate $5 billion in debt by converting a loan through J.P. Morgan into stock in the reorganized company. The plan wipes out the equity from the $5 billion acquisition of the studio in 2005 by a consortium led by Sony Corp.
Meanwhile, David Arnold has indicated that work on Bond 23 is back on in an interview with Film Music Magazine. When asked about the score for Bond 23 he replied:
I haven’t thought about it yet. We only just got the news that we’re back on. But ‘there’s many a slip twixt cup and lip’ So I will keep quiet until I get a script and then start writing ideas.
If all goes to plan from now on that means we should have a new Bond film in 2012 – it seems a long time to wait, but is better than no date at all!