via Sci Fi Wire

Another hurdle to Guillermo del Toro’s The Hobbit has fallen: MGM, one of the studios producing the movies, has reportedly come up with enough cash to move forward with the production, which was in jeopardy as late as last week.

A recent proposal by MGM’s new CEO Steve Cooper to defer interest payments on its debt load for the next three months on Thursday won a crucial endorsement from J.P. Morgan.

The investment firm leads a lenders steering committee that has been agitating for a dramatic restructuring of the Lion’s operations and its ownership structure. In exchange for an agreement to limited interest forbearance, J.P. Morgan secured a few changes in existing debt terms.

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Are you excited for the Hobbit movie? Do you think all of the problems they’ve been having will effect the quality of the movie?