James Bond movie canceled as MGM studio goes bankrupt

Turns out James Bond is not only shaken and stirred, but also likely to make that martini a triple.

Not even Ian Fleming's super-spy can overcome the current poor economy or a bankrupt movie studio, as the latest installment of the 007 franchise has been canceled because of MGM's financial woes. The Bond franchise production company, EON, told Britain's Daily Mirror that it didn't "know when development will resume and cannot comment further at this stage."

The movie, which would have brought back Daniel Craig as 007, had been slated to start filming next year, with a release date in 2012. Director Sam Mendes -- who won an Oscar for directing "American Beauty" -- also was on board for the project.

MGM has $3.7 billion in debt and its lenders are pushing to finalize a restructuring proposal. Under consideration is a partnership with companies including Summit Entertainment -- the studio behind the "Twilight" movies -- and Spyglass Entertainment, the Los Angeles Times reported in May.