Variety and The Hollywood Reporter are reporting progress on the MGM debt situation that has famously kept two ‘Hobbit’ films progressing and have stalled a greenlight on the films for years now.

THR details the plans to make the nearly $4 billion dissapear here while the Variety story here details a Wednesday conference call involving debt holders. A lot of things need to fall into place but both stories indicate a September 15 deadline is being respected, which a source told TORn would be met, unlike previous deadlines which have previously been extended. Thanks to friend Kristin Thompson for the heads up on the Variety article.