Wrangling over the fate of the debt-ridden studio had thrown its plans to make new movies, including the next 007 film, into disarray. The 23rd Bond movie had been due for release in 2012, the 50th anniversary of Ian Fleming's spy character's first outing in Dr No. However, producers Michael G. Wilson and Barbara Broccoli said earlier this year that work had been halted indefinitely because of uncertainty about MGM's future.

Craig backed the producers' decision but it left plans for him to reprise the role in limbo. He received strong reviews for his first two Bond outings in Casino Royale and Quantum of Solace. MGM's problems also cast a shadow over plans to film "The Hobbit," to which the studio owns half the rights, and director Guillermo del Toro resigned after production delays.

Now MGM is on the verge of a deal with Spyglass Entertainment, which is run by Hollywood film producers Gary Barber and Roger Birnbaum, and was responsible for films including The Sixth Sense and Memoirs of a Geisha.

The deal is expected to go through within days and Spyglass would be likely to concentrate on pushing through the Bond and Hobbit movies. MGM owes about $4 billion (£2.5 billion) to around 140 creditors, including a major bank and hedge fund, and has been struggling to pay interest on its debts.

Its library consists of around 4,000 films and its famous roaring lion logo has been seen at the start of classics including Ben-Hur and The Wizard of Oz. The studio is currently in the hands of a consortium which includes Sony, Comcast and several private equity firms.