Guillermo del Toro is gearing up for a 14-month production schedule, beginning this June in New Zealand, on his adaptation of JRR Tolkien's THE HOBBIT, PRODUCTION WEEKLY reports.

Definite plans are still in limbo while MGM resolves its financial troubles, but the studio has been targeting a releases in December 2011 and December 2012 for the two installments.

Andy Serkis, Ian McKellen, Hugo Weaving and Cate Blanchett are all expected to return for the project.