James Bond movie cancelled due to MGM problems. Daniel Craig was set to reprise his iconic role as James Bond in the upcoming spy film Bond 23 but fresh out reports from London have called the film "dead." Producers Michael Wilson and Barbara Broccoli stated "due to the continuing uncertainty surrounding the future of MGM and the failure to close a sale of the studio, we have suspendeddevelopment on Bond 23 indefinitely."
MGM has suffered tremendous financial losses despite earning 1.6 billion dollars on the James Bond franchise and is sinking fast. MGM has aborted plans for Bond 23 and other several other highly anticipated films as well, including The Hobbit. The studio was put up for auction in April 2010 and are searching for investors.
MGM issued a statement published in Variety on Friday, July 2, 2010 which read the company was "beginning a process to explore various stategic alternatives, including operating as a standalone entity, forming strategic partnerships, and evaluating a potential sale of the company." The company also recently settled an agreement with lenders regarding a second extension on the forbearance of a $3.7 billion dollar debt repayment until Jan. 31, 2011.