Looks like the liquidity in the MGM studio is still not settle yet and it gives a huge impact on the production of The Hobbit. While two weeks ago we have Sir Ian McKellen himself confirmed that the production and shooting will start this July, it seems that the films will not be even touched at least until the end of the year.Andy Serkis (the Gollum/Smeagol) said that in an interview with Digital Spy that, "It is, apparently! At some point towards the end of this year, I expect it'll start kicking off."
Now, Sir Ian McKellen also mentioned in his website that the movie will begin filming "at a time to be announced."
What does the studio that owns the rights to The Hobbit holds? Nothing. MGM is currently on humongous debts and negotiations have been conducted to sell the rights to other companies; including Time Warner (New Line), Access Industries and LionsGate, although the latter has pulled out of the bid. Delay in filming means the release date of 2011 or 2012 look doubtful.