MGM secures $500m revolving credit line to fund projects

Movie studio MGM, which owns half the rights to the James Bond film franchise, has secured $500m in a revolving line of credit a year after it exited bankruptcy.

A group of international banks are providing the captial, which MGM is going to use to retire some debt and fund new projects. As well as 007, future releases are set to include reboots of past successes "Robocop", "Carrie" and "Poltergeist"

“A year ago MGM was in bankruptcy and to receive this oversubscribed facility just one year later is proof positive that through careful and efficient business decisions, we have earned the faith of the financial community,” joint CEOs Barber and Birnbaum said in a statement.

Sony will be distributing the new Bond film "Skyfall" later this year, and also the next outing 'Bond 24'. MGM have stated they want to return to releasing 007 adventures every two years.

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