Actually, I think it would be more fitting for the movie to be called "7 Minutes in Hell," but who am I to argue with J.J. Abrams, who will produce this under his Bad Robot (aka Bad Wobot) shingle? Besides, for all I know they're looking to license the Fall Out Boy song. Bender, who has also been reportedly circling the next Jack Ryan flick, Moscow, is set to direct. His pitch is now going out to possible writers, so it should be a while before Heaven gets under way.
Bender has some experience with childhood things turned frightening, having helmed Child's Play 3 (that's the military academy one), which I do believe was his first and only major feature directing gig. As for what kills all the kids in this movie, feel free to take a guess. I'll make the obligatory Smoke Monster reference just to get things started.