Inside Film nabbed the exclusive news that The Green Lantern shoot, which was originally set to shoot this fall at Fox Studios in Sydney, Australia, is now under threat by the rising value of the Australian dollar, which has ballooned the cost of the $150 million Warner Bros. production by a reported $15-25 million.
Warner Bros. is said to currently be in negotiations with the NSW State Government for added concessions and breaks that would compensate for the inflated cost of the movie. However, if that deal can’t be worked out for an equitable price, Green Lantern would have to relocate its entire shoot, which would likely delay production.
Now in the case of most offshore productions, financing rates are locked in at the time the deal is struck. However, in the case of The Green Lantern, it is alleged that the ongoing revisions to the script prevented the necessary financing provisions from being locked in, leaving the production costs open to market fluctuation. Since the production deal was initially made the Australian dollar has seen a 16% increase in value.
From a legal standpoint it doesn’t look like WB has much of a leg to stand on, other than asking “pretty please” for a favor. The Sydney government might consider extending that favor, though, as The Green Lantern production was going to create about 500 local jobs for extras, crew members, etc…
Really after all the legal madness Warner Bros. went through last year with Watchmen I’m surprised that they have so quickly fallen victim to yet ANOTHER contractual error. How do you take time for script rewrites at the risk of your budget? I’ve never understood studio politics so I’m not going to start tying now. I just hope this issue doesn’t delay Green Lantern anymore than the film already has been.
I could tell you when The Green Lantern is set to go into production and when it’s set to be released… but at this point would any of that info even be accurate?
Source: Inside Film