It was bound to happen. MGM's financial troubles have forced director Darren Aronofsky (The Wrestler) to leave the Robocop film project that he was set to direct. The studio is currently sitting on 3.7 billion dollars of debt, and they are struggling to make payments on the interest.
Robocop is one of many film projects that is being shut down. Other movie hanging in the balance are James Bond, Red Dawn, and The Hobbit. I was actually looking forward to seeing what Aronofsky had planned for the reboot, but I guess now we'll never know.
Make sure to head on over the Financial Times and read the very long detailed article about what MGM is going through right now. It's really interesting.