New James Bond film officially axed

London: The 23rd James Bond film has been officially axed and insiders predict it could be years before the suave spy is back on the big screen again.

In April, production on the 23rd movie on Bond, who was to be portrayed by Daniel Craig for the third time, had been postponed due to "financial problems" at movie studio MGM, but now it has been cancelled altogether, Daily Mirror online reported.

"Members of the production crew have been told the Bond film has been canned. There is a lot of bad feeling as a lot of time, money and hard work has already gone into this," an insider told the newspaper.

Sam Mendes had been lined up to direct the movie but now it could be years before 007 is back on the big screen.

Production company EON said in a statement, "We do not know when development will resume and cannot comment further at this stage."

MGM is said to be in USD 3.7 billion worth of debt and at the moment six years is the biggest gap between films, from 1989's 'Licence to Kill' and 'Goldeneye', which came out in 1995.

The screenplay for 'Bond 23' was worked on by Neal Purvis and Robert Wade, who had previously scripted 'Quantum of Solace' and 'Casino Royale', and 'Frost/Nixon' writer Peter Morgan.

It looks as though Daniel Craig might end up being a two-Bonder, like Timothy Dalton. So much for "rebooting" James Bond.

The European economy is in worse shape right now than the that of the United States. It doesn't surprise me that EON Productions would be having financial problems right now.

STIRRED, NOT SHAKEN: Sam Mendes & Daniel Craig Will Wait For James Bond

Reading these obits on James Bond, I think reports of 007's motion picture demise because of MGM's near-bankruptcy have been greatly exaggerated. Despite an article out of the UK that spread virally, insiders insist nothing tangible has happened. While Sony, Fox, and Warner Bros would love to grab the Eon Productions franchise, I'm told reliably that as long as MGM's debt restructuring is preceded by a pre-packaged bankruptcy, Bond isn't going anywhere. [UPDATE: “You are absolutely right, there is no new news. Development will resume once MGM is viable again, as Danjaq can't go anywhere without them. So all bets are off. No idea when this will get resolved,” a source integral to the Bond franchise told Deadline London editor Tim Adler today. Eon is a subsidiary of Danjaq, the Broccoli family holding company responsible for the copyright and trademarks to everything James Bond on screen.] While the studio's beleaguered backers unwisely allowed MGM and its library to languish by not making new movies and benching MGM's creative and marketing/distribution executives while it staged a futile sales auction that attracted bottom-fishing bids, MGM has made sure to meets the minimum obligations to its two gems, James Bond and The Hobbit. The studio is mulling whether to change its lethargic strategy and free up money for back-to-back Hobbit films to keep the first film on track for a December 2012 release. That's because Peter Jackson is willing to direct the films but might not if those release dates get pushed. There is no such ticking clock on 007.

As Deadline has reported, director Sam Mendes responded to the Bond delay by setting a feature adaptation of the Ian McEwan novel On Chesil Beach (he hopes Carey Mulligan will star) and directing the Broadway-bound musical adaptation of Charlie and the Chocolate Factory. Daniel Craig is taking other jobs, too. He's starring in Cowboys & Aliens and negotiating to star in the David Fincher-directed The Girl With The Dragon Tattoo. I'm told both talents fully plan to come back to James Bond after MGM sorts itself out. That game plan -- Spyglass and Summit are believed to be the front runners to steer the studio -- should be in place by the early fall, I'm told. If Spyglass wins the day and the studio sheds its distribution/marketing unit, Bond will have several studios chasing it, and the winner will likely make a deal that includes servicing the MGM library, a labor intensive enterprise.

'James Bond' back on track as Sam Mendes reportedly rejoins project

The follow-up to Quantum of Solace could finally go into production following doubts over the franchise's future. The 23rd 007 film was put on hold because of the financial problems surrounding MGM studios and the proposed director Sam Mendes recently left the project because of the situation.

However Deadline.com is now reporting that Mendes has dropped out of the running to direct thriller Hunger Games for Lionsgate because he's returning to the Bond franchise.

The report also indicates that filming could begin next year with "Daniel Craig back in the Aston Martin".

MGM revealed recently that its lenders had agreed to extend its debt repayment period.

A spokesperson for the studio said: "The lenders took this action in support of the company's ongoing efforts to evaluate long-term strategic alternatives to maximize value for its stakeholders. MGM appreciates the continued support of its lender group throughout this process."

'James Bond' film back on track following debt deal for studio?

Production on the next James Bond film looks set to resume after the studio behind the franchise, MGM, appear to have solved their financial difficulties. A follow-up to 2008's Quantum Of Solace had been put on hold because of the studio's debts.

However a debt restructuring deal with Spyglass Entertainment looks set to have saved the studio, reports The Daily Telegraph.

"MGM will now move expeditiously to implement that plan, which will dramatically reduce its debt load and put the company in a strong position to execute its business strategy," the studio explained in a statement following the agreement. "MGM is appreciative of the lenders' support."

However, some are warning that the next Bond film may have to trim its budget.

Chief film critic of Screen International Mark Adams explained: "Bond is such a money earner and all the figures stack up, but when the next film is made we may see a reduced budget. It has been shown that you can make good Bond films without lots of silly explosions and without compromising quality."

Sam Mendes is already attached to direct the film when production resumes.