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MGM's financial woes has halted the production of the new James Bond film. The production company is facing a $3.7 billion debt and producers Michael G. Wilson and Barabara Broccoli says the troubled company has yet to to find a buyer. "Due to the continuing uncertainty surrounding the future of MGM and the failure to close a sale of the studio, we have suspended development on Bond 23 indefinitely," they said in a company statement.

The new 007 movie starring Daniel Craig, pictured, is the 23rd Bond thriller by Wilson and Broccoli's EON Productions since they first started producing them in 1962. "I have every confidence in Barbara and Michael's decision and look forward to production resuming as quickly as possible," Craig said. Bond 23 had been set for release for 2011 or 2012. –KRIS ALCANTARA