IMAGI’s Gatchaman Movie in Trouble?

Financial auditing firm Deloitte Touche Tohmatsu has reported that Hong Kong based animated film production studio IMAGI Animation Studios had the equivilant of $11.5 million in capital as of September 30, 2008. But IMAGI itself anticipates needing $66 million to complete its current films in production and pay operating expenses through June 2010. IMAGI has enough capital to complete and release its Astro Boy CG motion picture as planned on October 23, but the studio is presently raising funds to finish its work on its Gatchaman, Tusker, and Cat Tale motion pictures.

When first announced in 2005, the animated Gatchaman movie was planned for release in 2008. Last August, IMAGI creative director Felix Ip stated that the Gatchaman movie, “will not come in 2009.” Kevin Munroe, the director of IMAGI’s 2007 TMNT motion picture, was originally slated to direct the Gatchaman film. But Munroe left the project in early 2008, citing creative differences.

Source: Variety Magazine