When Morgan Creek sells off its library of titles, it will still retain the rights to the classic horror film "The Exorcist" so they can do a remake for the movie. When the company frees up its debt, it will have the money to fund production for the classic film and more.

Deadline reports that Morgan Creek will sell off its current library, but retain the rights to do a remake of the film as well as a few others, which will be produced in a profit-sharing venture with the new owners once the films are released.

Although details of the remake of the classic horror movie have not yet been reported, the company is still planning on moving forward with the project.

"We have a number of properties that we are looking to move forward on," Morgan Creek CEO Jim Robinson told Deadline. 

The original film debuted in 1973 and gave audiences all around quite a scare -- so much so that audiences at the time were reported to have been fainting or even vomiting in "barf bags." But even with all those grotesque elements in the film, or perhaps in part because of them, "The Exorcist" would go on to become one of the highest grossing horror films of all time.

The film was an adaptation of the William Peter Blatty novel of the same name and featured a demon that possessed a young girl named Regan. Although the events of the film start off fairly slow and innocuous, the pacing really picks up when a pair of priests are brought in to evacuate the demon.

That is when the "shock and awe" factor really starts to spiral out of control, and gave audiences the shock of a lifetime. Prior to the film's release, movies had never really featured young girls behaving in such an abhorrent way.

Some have said "The Exorcist" is the scariest movie of all time. The box-office certainly picked up on it too, with the film pulling in $232 million in the U.S. alone.