Production on the 23rd James Bond movie has been suspended.

Michael Wilson and Barbara Broccoli - producers on the movie - claim the future of film studio MGM is halting suspension on the project, which will be Daniel Craig‘s third outing as the British spy. In a statement, the pair told Variety, “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. We do not know when development will resume and do not have a date for the release of Bond 23.

MGM is said to be in $3.7 billion worth of debt.

Commenting on the move, Daniel said, “I have every confidence in Barbara and Michael’s decision and look forward to production resuming as quickly as possible.”  The screenplay for Bond 23 was worked on by Neal Purvis and Robert Wade - who had previously scripted Quantum of Solace and Casino Royale - and Frost/Nixon writer Peter Morgan.

Sam Mendes was rumored to be directing the movie, which was originally due for release in 2011 or 2012.