The return to Middle-Earth may be taking a while longer than expected. TheOneRing.net has recently posted the story that MGM's financial woes may cause delays in the start of the production of The Hobbit movies.
Apparently, the studio is $3.7 billion in debt. MGM holds the distribution rights to The Hobbit whereas Warner Brothers is the studio making the movie. The two studios have an agreement to produce and distribute The Hobbit but MGM's debt and the fact that it may be sold could put a wrench in the start of the production.
The OneRing's source said that:
At this stage we are all working and hoping for the best case scenario. Without a doubt, the MGM situation carries great importance.
There is even confusion as to the movie's release date which could either be in 2011 or in 2012. 2012 seems to be the most logical one.
Just recently, Sir Ian McKellen had declared that the movie would start shooting in July of this year in New Zealand.
Source
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