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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Asia Pacific World HK studio behind 'TMNT,' 'Astro Boy' shuts down By MIN LEE,AP Entertainment Writer - Wednesday, February 10 Send IM Story Print HONG KONG – The Hong Kong studio behind "TMNT" and "Astro Boy" has shut down as its parent company tries to recover from losses. Imagi International Holdings Ltd. said in a statement to the Hong Kong stock exchange that it stopped funding its computer animation studio on Feb. 5 "to further preserve its limited liquidity and shareholder value." The studio will ask a Hong Kong court to name liquidators, the statement issued Monday said. But Imagi said it will continue to develop movie ideas and outsource the actual animation work to mainland China and other countries, where costs are lower. Starting out as a Christmas tree manufacturer, the Hong Kong company went into computer animation in 2000 and was touted as a successful transition to a high-tech economy. In 2007, Imagi released its first feature movie, "TMNT." The English-language production based on the characters from the Teenage Mutant Ninja Turtle cartoon series in the 1980s earned a solid $95.6 million worldwide, according to the box office tracking Web site Box Office Mojo. But Imagi's second release, "Astro Boy," fared poorly last year. Despite hiring an all-star cast including Nicolas Cage and Samuel L. Jackson to voice the characters from the Japanese comic book series by the same name, the film only made $23 million worldwide, according to Box Office Mojo. In its latest financial results, Imagi said it recorded a net loss of 726 million Hong Kong dollars ($93.4 million) for the six months that ended on Sept. 30, 2009 _ just before "Astro Boy" was released in October. Imagi also owes some HK$36 million ($4.6 million) in back pay to the 350 employees it laid off, Hong Kong's Apple Daily newspaper reported on Tuesday, citing labor organizers working with the former employees. A woman handling press calls for Imagi said the company had no comment pending a further statement to the Hong Kong stock exchange. She declined to give her name. Recommend Send IM Story Print Related Articles Sinatra, Martin to receive stars in Las Vegas AP - 1 hour 12 minutes ago Hollywood names up for Olivier theater awards Reuters - 2 hours 5 minutes ago Jackson doctor out on bail, back for April hearing AP - Wednesday, February 10 Jolie, Pitt sue British newspaper Reuters - Wednesday, February 10 Absent Polanski to dominate Berlin film festival Reuters - Wednesday, February 10 News Search Top Stories Opel unveils turnaround plan, 8,300 jobs slashed Pitt, Jolie sue British paper over split claims French intellectual caught quoting fake philosopher Third-hand smoke also bad for you: study Jackson doctor denies manslaughter charge More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Toyota faces fresh questions over recall response Study confirms link between maternal age and autism Sugary soft drinks linked to pancreatic cancer: study Third-hand smoke also bad for you: study Thain at helm, CIT to prepay 750 million dollars of debt More Most Viewed » Fury heats up after new AIG bonuses US angers China with Taiwan arms package More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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