Credit research company Tokyo Shoko Research (TSR) reported on Wednesday that animation studio drop received approval to start bankruptcy proceedings on October 26. The company filed for bankruptcy on August 24. Tokyo lawyer Fumihide Katayama is handling the bankruptcy for the studio. An investigation is underway to determine the company's debt.

The company was founded in August 2004 and currently has 30 employees. While the main business was video production through animation, the company also worked on live-action, CG, Flash content, pre-production, manga planning, sound direction, planning, web design, and other work. In the fiscal year ending in July 2009, the studio had total sales of 220 million yen (about US$1.98 million by today's conversion).

The company has been involved with hundreds of anime projects for in-between animation, finish animation, key animation, photography, and paint. The studio handled animation production cooperation on Golgo 13, Noein - to your other self, Tetsuko no Tabi, and Zoids Wild. drop also handled the main animation for the Uchurei anime series.

drop additionally worked on the original animation Chikyū Bōei Taxi (Earth Defense Taxi). The company also worked on commercials for Nissin, Suntory, Samantha Thavasa, and Tiffany & Co., as well as music videos for YUZU, Sekai no Owari, GLAY, Perfume, GreeeeN, and Ringo Sheena.

The studio most recently animated the Glamorous Heroes and the Lights of the Clione television anime series in 2017. Since then, sales have decreased, labor and management costs created pressure, and profits have been sluggish. The company had low fundraising, and because it could not anticipate any improvement in its business, it suspended operations and decided to file for bankruptcy.

Sources: Tokyo Shoko Research, Social Game Info via Yaraon!