This week MGM officially filed for Chapter 11 bankruptcy due to an overwhelming debt of $4 billion. Prior to the announcement they had already given the green light to the Peter Jackson project The Hobbit, but their James Bond franchise was left in limbo. According to a report from the Financial Times, MGM does have plans for the legendary spy series, which will resurface in the fall of 2012.

The next sequel in the franchise is currently being called Bond 23 and from what the studio is saying, they plan on releasing a new movie every two years with the first in November 2012. Because of their current situation they will need some financial help, which means they’ll have to surrender some type of leverage. They aim “to own 50 percent of Bond 23, due out that year, with an equal partner paying all of the production costs. Later Bond movies would be wholly owned and funded by MGM, the company said.”

The last time we checked, Daniel Craig wanted to desperately return to Bond, and Sam Mendes was attached to direct him. Will they both be too busy to work on the film after all the dust settles? They both have high profile projects on their schedules and can’t sit and wait around for MGM to get their stuff together.

Do you think MGM will stick to their two year plan? Do you think they can make it work?