MGM is set to develop a big screen adaptation of cult 1960s sci-fi series The Outer Limits, reports Variety.

The financial troubles that are currently plaguing the studio have caused the production on several films to be delayed or scrapped completely. Development on James Bond 23 has ground to a complete halt and the setbacks experienced in the production of the Hobbit films have been traced back to the studio.

Writers Patrick Melton and Marcus Dunstan, who wrote four of the seven Saw films, have been hired by MGM to pen the screenplay, which is due in October. A spokesperson for the studio has said that MGM hired Melton and Dunstan before the financial problems began.

Jon Shestack (Ghosts of Girlfriends Past) and Jeremy Stein will produce The Outer Limits alongside original series producer Mark Victor.