What Happens to 'Fast & Furious 7' Following Paul Walker's Death?

The fate of "Fast & Furious 7" is up in the air.

Following the sudden death of Paul Walker, executives at Universal — the studio behind "The Fast & Furious" franchise — met on Sunday to discuss the future of the film, according to The Hollywood Reporter. Reportedly, there will be a delay in production, but the movie will not be abandoned entirely.

Production was on hiatus over the Thanksgiving holiday and was set to resume this week in Atlanta, Georgia, sources confirm to Yahoo Movies, but will be halted in the meantime.

[Related: Paul Walker Was Poised for Second Wind Career Shift]

THR reports "Fast & Furious 7" director James Wan met with Universal to discuss the future of the project, how to re-work the script, and "how to proceed in a manner that would be respectful to Walker's death."

Walker, who reprised his role as Brian O'Conner, had been filming the seventh installment since September.

Variety reports it is unclear how much of Walker’s footage had been shot, while The Wrap alleges production is already more than halfway done. Meanwhile, THR claims a large part of the movie had been shot, but additional scenes were to be filmed in January in Abu Dhabi with Paul and the main cast.

On Saturday, Universal released their only statement thus far following the tragedy: "All of us at Universal are heartbroken. Paul was truly one of the most beloved and respected members of our studio family for 14 years, and this loss is devastating to us, to everyone involved with the 'Fast and Furious' films, and to countless fans. We send our deepest and most sincere condolences to Paul's family."

[Related: Paul Walker ... The Celebrity Next Door]

Franchise favorites Vin Diesel, Michelle Rodriguez, Jordana Brewster, and Dwayne Johnson are all back for "Fast & Furious 7," which was scheduled for release on July 11, 2014. The “Fast” franchise has grossed more than $2.3 billion at the worldwide box office.

On Nov. 30, Paul Walker passed away at the age of 40 in a fiery one-car collision just outside of Los Angeles. The actor was attending a charity event for his organization Reach Out Worldwide. Paul's longtime friend and CEO of his company Always Evolving, Roger Rodas, has been identified as the driver of the vehicle.

Watch the video below for more exclusive reporting from the scene of the crash and tune into "omg! Insider" on Monday: