Imagi International Holdings has shut down its animation studios in Hong Kong, according to multiple press reports.  The studio obtained financing early last year that allowed it to release Astro Boy, and it was hoping to gear up on Gatchaman (see “Imagi Completes Financing”).  But Astro Boy was a costly flop, recouping only a small fraction of its production and marketing budget with a $23 million worldwide box office gross.  The company had grossed around $95 million worldwide with its first feature, TMNT, in 2007.

The company will seek liquidators for its animation studio, and will attempt to produce movies using outsourced animation.

Beyond Gatchaman, Testsujin 28 was another major Japanese property slated for development at Imagi.