If there truly was no reason, there would be no delay. International release of most products takes time to arrange for myriad reasons. Distribution rights, contracts for manufacturing and financials, language issues (getting new voice-overs, subtitltes, proper packaging, etc), trade/import legalities, being amongst them.
I'm actually surprised the international release of KOTOR2 is happening only two months after the North American release.
Also, international release arrangements are handled by Atari and their international partners; Obsidian has nothing to do with any of it.
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That's all good reasons, but I think in today