6:28 AM

The long awaited prequel of Lords of the Ring finally started filming after battles from actors' union and even financial problem.

the hobbit
According to news, the reason behind the delays of The Hobbit was due to MGM's financial crisis encountered which made them declared bankruptcy.

The Hobbit bosses have now confirmed filming is underway in Wellington, New Zealand and a spokeswoman for New Zealand production company 3Foot7 Ltd. tells The Wall Street Journal, "The mood (onset) is really great."

Movie The Hobbit starred by Martin Freeman as Bilbo Baggins, the film also boasts "Lord of the Rings" stars Ian McKellen, Andy Serkis, Cate Blanchett, Elijah Wood, and Christopher Lee, amongst others.

First part of The Hobbit will be released in December 2012 while the second will follow most likely a year later.