MGM Gets a Reprieve, The Hobbit and James Bond Safe

A week or so ago we reported on the financial crisis facing Metro Goldwyn Mayer that threatened to knock Guillermo Del Toro’s The Hobbit off its axis. It looked like a tricky doomsday scenario for the studio, but we’re happy to report that MGM is safe, for now.

According to a brief Variety report, the studio has been allowed to skip three interest payments that are due on their $3.7 billion worth of debt.

According to an official statement from MGM:

“Under the terms of the agreement, MGM’s lender group has agreed not to enforce its rights or remedies arising as a result of the company’s request to not currently pay interest due on Sept. 30, Oct. 31 and Nov. 30, 2009.”

This is fairly good news as it gives MGM until the end of the year to get their ducks in a row — currently, all MGM productions are moving forward, including The Hobbit.