Here is what the studio rep said:
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. 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.
The Wrap is reporting that the producers of Fast & Furious 7, after spending days working on a plan for how to deal with the sudden passing of Paul Walker, may indeed scrap the production and start all over again. Despite the fact that more than half of the film had been completed, it would appear that director James Wan and co. think it would actually be harder to salvage the movie in its current form than it would be to just start over with a revamped storyline. Those that thought they'd never do this on account of cost never factored in that these productions are insured against incidents like the precarious one this film finds itself in. So no money would be lost, just a lot of time and investment.
For now, no official decision has been reached. The producers are said to not be keen on using special effects to put Walker's face onto the body of another actor, but they also insist that they want Walker to be involved in the final product no matter what- whether they start over or press on.
One thing that works in their favor is the nature of the franchise- which has a cast of stars and characters that's expanded quite a bit over the years. Therefore it wouldn't be impossible for them to introduce new characters to the mix, while finding a respectful way to write Walker's Brian O'Conner out of the series.
The days and weeks to come will be crucial for the production as they figure out which way to go. We'll keep you updated on what comes next.
SOURCE: The Wrap