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EXCLUSIVE: Debt-ridden MGM studios pull plug on film

The new James Bond film, due for release by 2012, has been canned due to a cash crisis.

Production crew were told in April the £132million blockbuster, starring Daniel Craig, had been postponed amid "financial problems" at debtridden movie studio Metro-Goldwyn-Mayer, which co-funded the film.

But now it has confirmed the movie has been axed - and it could be years before the secret agent with a licence to kill is back on the big screen.

A glum insider said: "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."

American Beauty director Sam Mendes had been lined up to direct the 23rd flick in the franchise, which started with Dr No in 1962.

But production company EON confirmed in a statement yesterday: "We do not know when development will resume and cannot comment further at this stage."

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Mgm is drowning under a reported £2.4billion of debt as it desperately searches for a buyer. A string of box office flops have meant big losses. American TV company Spyglass Entertainment is the front-runner to take over but Summit Entertainment - which makes the smash-hit Twilight vampire films starring Robert Pattinson - is also understood to be in talks with creditors.

Craig, 42, won an army of fans for his debut as Bond in Casino Royale - famously walking out of the sea in a tiny pair of white trunks.

That 2006 blockbuster took £385million at the global box office, while sequel Quantum of Solace raked in £392million - the largest takings for a 007 film ever.

But film buffs said there is little doubt Bond will be back. Mark Adams of trade mag Screen International offered some cheer to fans, saying: "The last two films did phenomenally well and the series is a very reliable performer. EON will want to keep it in the family, it's an iconic brand.

"This doesn't mean the end of the Bond films. The question is how long it will take to make another one."

Six years is the biggest gap between films. The 16th, Licence to Kill, starring Timothy Dalton, was released in 1989. GoldenEye, starring Pierce Brosnan, didn't come out until 1995.

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