Imagi Loses Imagination

Hong Kong-based Imagi International Animation Studios responsible for bringing Tmnt and Astro Boy to the screen has been shut down to preserve the parent company's liquidity and stock value reports The AP

The studio has been struggling with financing ever since its creation, and the box-office disappointment of "Astro" late last year to a global $23 million didn't help matters.

The studio says it will continue to develop 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.