Guillermo del Toro, much to his regret, he has finally decided to abandon the project of shooting "The Hobbit", due to continued delays in the start of filming due to MGM's poor financial situation.
Thus, the Mexican director has published the following letter to settle the matter:
"In view of the current delays in setting a start date for filming 'The Hobbit', I have been faced with the most difficult decision of my life," Guillermo told the site.
“After almost two years of living, breathing and designing a world as rich as Tolkien's Middle Earth, I must, with great regret, stop heading these wonderful films. I remain grateful to Peter, Fran Walsh and Philippa Boyens, New Line, Warner Brothers and my entire team in New Zealand.
“I have been privileged to work in one of the greatest countries on Earth and with some of the best people in our craft, and my life was forever changed. The blessings have been many, but the pressures from the grassroots in scheduling conflicts have exceeded the period of time I originally allotted for the project. Both as a co-writer and director, I wish the production nothing but the best of luck and I will be the first in line to see the finished product. I will remain an ally to the project and its filmmakers, now and in the future, to support the transition to the new director.