MGM's problems persist, for 6th time

MGM has won its sixth debt extension, but money problems continue. That's not so good for you fans of "The Hobbit" or James Bond films.

Bond films are put on hold indefinitely as the studio tries to figure out a way to make some cash. The Lion plans on remaining on film productions sidelines while issuing catalog releases for home entertainment and licensing new video games. Currently, Activision has the upcoming "GoldenEye".

Many are calling for the Bond franchise to go to the highest bidder, and some say the same about MGM's share of "The Hobbit". Warner Bros. holds the other half of "Hobbit".

Century Studio debtholders have given MGM until Sept. 15 to pay up. The Lion has about $4 billion of debt. Summit Entertainment, Spyglass, and others are circling the bleeding Lion with their own ideas on how to restructure. MGM tried to find a buyer for their studio, but Warner Bros.'s offer of $1.5 billion was considered too low.