Illegal String Offset 'id' in /home/username/…

I am getting this error after my server was updated to latest version of php. I know its the theme which is causing it and have also identified the code which is throwing this error, however I don’t know how to fix it. Can any body help?

Code:
——–

<?php
global $options;
foreach ($options as $value) {
    if (get_settings( $value['id'] ) === FALSE) { $$value['id'] = $value['std']; } else { $$value['id'] = get_settings( $value['id'] ); }
}
?>

—–
How to make this code valid for latest version of php? Presently it shows this error on all pages where the above code is present:
Warning: Illegal string offset ‘id’ in /home/

Please help.