In a report released on Thursday by credit company Tokyo Shoko Research (TSR) that the anime studio Production IMS has officially filed for bankruptcy. It was confirmed that the company has around 250 million yen (around US$2.23 million) in debt.

The company was established in 2013 and its notable anime series produced are Inari Konkon, Date A Live II, Active Raid, and Haifuri.

The Tokyo district court approved of their filing and bankruptcy proceedings began on October 3. Production IMS has not yet released a statement regarding the fate of their company and their official website has gone offline.

Production IMS began consolidating their debt in June 7 and the studio’s staff was now preparing for legal proceeding for the filing of bankruptcy.

The studio received a Studio Award for 2015-2016 in the Newtype Anime Awards.

Source: Nijimen Tokyo Shoko Research