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James Bond thwarts latest villain - bankruptcy

By Hibah Yousuf, staff reporter

NEW YORK (CNNMoney) -- The new James Bond movie is finally back on track, after being put on hold for nearly nine months as movie studio MGM sorted through financial troubles.

The 23rd film of the franchise is set to hit theaters on Nov. 9, 2012. Daniel Craig will portray British secret agent 007 for a third time, with Academy Award-winner Sam Mendes directing.

MGM said the as-yet untitled film will celebrate the 50th anniversary of James Bond movies. The first of the films based on the spy novel series by British author Ian Fleming was "Doctor No," starring Sean Connery.

The movie studio, which is also behind the "Rocky" series, filed for Chapter 11 bankruptcy last November. It emerged last month after raising $500 million and working out a debt restructuing plan with Spyglass Entertainment.

MGM said production on the new Bond film will begin later this year.  To top of page

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