Hong Kong-based Imagi Studios (“TMNT,” “Astro Boy”) has been shut down to preserve its parent company’s liquidity and stock value reports Yahoo News.
The studio has been struggling with financing ever since its creation, and the box-office disappointment of “Astro Boy” late last year (a global $23 million haul) seems to have been the last straw.
Imagi claims it will continue to develop movie ideas and outsource the actual animation work to mainland China and other countries, where costs are lower. This would include the “Gatchaman” (aka. “Battle of the Planets”) project they had in development.