This just posted on IMDB:

According to a New Line Cinema publicist, reports citing that the upcoming Lord Of The Rings: The Two Towers are incomplete are, in fact, erroneous, and that the movie will make its December 18th release on schedule, with no delays of any kind.

Previous coverage had cited that New Zealand moviemaker Peter Jackson was facing a frantic month of re-editing, due to the fact that the director had been busy ever since the first film picked up multiple awards at the Oscars and British Academy Awards earlier this year.

New Line has said that this is incorrect.