In the wake of this weekends tragic loss of actor and "Fast & Furious" star Paul Walker, Universal has formally announced on Wednesday that the studio will be halting production on Fast & Furious 7 indefinitely.

"Right now, all of us at Universal are dedicated to providing support to Paul's immediate family and our extended Fast & Furious family of cast, crew and filmmakers," Universal said in a statement. "At this time we feel it is our responsibility to shut down production on Fast & Furious 7 for a period of time so we can assess all options available to move forward with the franchise. We are committed to keeping Fast & Furious fans informed, and we will provide further information to them when we have it. Until then, we know they join us in mourning the passing of our dear friend Paul Walker."

Walker played the film's title character Brian O'Connor. According to reports from earlier, the studio is insured and can afford to scrap production and start all over. Walker's death has left production at a stand still. Many reports state that the movie was halfway through filming when it lost its lead star in a solo car accident while he was riding in the passenger seat of a 2005 Porsche Carrera GT. The driver of the vehicle, Roger Rodas, was killed in the accident as well.

According to IGN, Fast & Furious 7 was scheduled for a release date of July 11, 2014. However, due to the current circumstances and the state of production, that date will obviously have to be pushed back as the movie undergoes rewrites and reshoots to explain the absence of Walker's character O'Connor in the franchise's cannon.

It's worth noting that the shut down of production does not necessarily mean that Fast & Furious 7 will not be coming to theaters ever as the movie itself has not been scrapped. Production has merely been put on hold while an elegant and respectful solution to the story is found.