MGM’s financial woes are so bad that the James Bond franchise has already been put on hold, and the much-discussed Hobbit movie may be next… unless a rumored restructuring can save the whole shebang.

The Wrap is reporting that indie production company Spyglass has approached the troubled studio’s debt holders with a plan that involved a pre-planned bankruptcy, as well as a post-bankruptcy MGM that will operate on a smaller scale, producing “a handful of movies” each year, including both The Hobbit and Bond. None of the involved parties are commenting officially on Spyglass’ presentation, but it’s thought to include current MGM heads retaining a minority stake in the post-bankruptcy studio, according to the site. Developing…