The studio that owns the James Bond series is being targeted by a series of rival firms following a bidding round, and needs an injection of $450m within weeks

Struggling Hollywood studio MGM could be forced into bankruptcy after falling into crippling debt, according to the Hollywood Reporter.

The company, which owns rights to the James Bond series, as well as an interest in the forthcoming Lord of the Rings prequel, The Hobbit, is being targeted by a number of rival firms following a bidding round. However, none has come close to offering the $2bn (£1.3bn) which MGM's more than 100 creditors are determined to secure if the company is to be sold.

Studio executives are still hoping to secure new funding to allow the company to continue to exist in its current form, but insolvency now looks the most likely outcome.

"MGM has received a number of bids as part of its ongoing process of exploring strategic alternatives, which include continuing to operate as a standalone entity and evaluating a potential sale of the company," the studio said. "The company will review the bids and related transaction terms over the next several weeks."

MGM needs a cash injection as it must make an interest payment of more than $200m by March 31, as well as a further $250m payment by April 8, when its current credit facility with JPMorgan expires.

The company, famous for its roaring lion logo, was the dominant motion picture studio in Hollywood from the silent era until the end of the second world war. With luminaries such as Greta Garbo, Joan Crawford, Jean Harlow and Clark Gable on its books, it was known by the informal motto: "More stars than there are in heaven." However, the studio struggled during the 1950s and 60s, and passed into the ownership of a variety of media companies.

It was confirmed yesterday that Lionsgate and Access Industries have made bids, along with a number of other unnamed entities. Sony is being tipped as a likely buyer, as the Japanese firm already has a stake in MGM, and would most likely be keen to secure the future of the James Bond series, which it already has an interest in. Another likely interested party is Time Warner, which already owns all MGM films made before 1986.