MGM need money more than fame

What's more important, fame or money?

For debt-ridden MGM, the answer is money.

One of the biggest and most well-known movie studios out there is Metro-Goldwyn-Mayer, or MGM, known for its classic logo with the lion roaring during the opening credits - an common introduction to many of our movies from the last 85 years.

Today, as the struggling studio launches the remake of the 1980 movie musical "Fame" — its first release in nine months and the only one for the remainder of the year — reports surfaced that MGM is begging its lenders to waive interest payments on its $3.7-billion debt until early next year.

MGM has a $250-million revolving-credit facility that matures in April and faces a debt payment of nearly $1 billion in June 2011, with the remainder due in 2012.

Until this weekend, MGM had not released a movie since last December's World War II drama "Valkyrie," starring Tom Cruise, and will have no other films in theaters before year's end.

Hanging in the balance is the fate of the 23rd installment of MGM's popular 007 Bond movie series and The Hobbit.

Part 1 of The Hobbit was expected to hit theaters in December, 2011, with Part 2 set to follow a year later in December, 2012.

A production and release date for Bond 23 has not been set yet.

What are your thoughts on MGM’s possible bankruptcy? Let us know in the comments below.