IF like myself you are a fan of Peter Jackson's Lord of the Rings series and have been looking forward to seeing The Hobbit ever since it was announced then you will be happy to learn that financially troubled studio MGM, who own half the rights to the Hobbit movie/s alongside Warner Bros today received yet another extension on their debts in the hope that they can strike a deal.
The beleaguered studio that is in the red to the tune of $3.7 billion to 140 creditors was given it's sixth extension to date, this one set to expire on Sept 15th. It comes just a day after representatives of MGM met with executives from Lionsgate Films to discuss a possible merger and reorganization deal.
Jackson himself is confident it seems, as despite the company's difficulties he is pressing on with pre-production for The Hobbit which is expected to be MGM's first new production should they ever manage to get back in business. It was reported today that Jackson has been on a casting trip to Los Angeles for the movie and is expected to hold further casting sessions in New York and London in the near future.