Imagi Animation Studios has shut down as of February 5, 2010, and will ask a court to name liquidators. Its parent company said that it would continue to develop movie ideas and outsource the animation work to China. The studio has been on shaky financial footing for some time, going through several rounds of funding after its success with their first feature film, 2007's TMNT. The final nail in the studio's coffin seemed to be disappointing box office results for its second feature, last year's Astro Boy, and the studio shut down its Los Angeles office at the end of January. The status of their remaining announced other film project, a remake of the 1970's anime TV series Science Ninja Team Gatchaman (a.k.a. Battle of the Planets in its edited United States broadcast), is unknown.
(Source: Toon Zone News)
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