Hollywood may be moving in on anime these days, but it seems one of its projects is in trouble. Thanks to a new report, netizens have learned Tiger & Bunny may not hit theaters after all.

Recently, The Hollywood Reporter confirmed a studio bankruptcy has put Tiger & Bunny in jeopardy along with a few other films. It seems the studio Global Road Entertainment has filed for Chapter 11 bankruptcy, and the paperwork affects its film division. While its TV and sales sectors, Global Road is having to declare bankruptcy over its film slate, and that includes Tiger & Bunny.

As it stands, Global Road Entertainment was one of the partners developing Tiger & Bunny for live-action. With bankruptcy in its sights, the studio will reportedly star selling its unreleased films, and filmmakers signed to developing projects with Global Road have been told they can pitch their movies elsewhere. These projects will include films like The Silence and Playmobile which had release dates scheduled.

According to the bankruptcy papers, Global Road has up to $500 million in liabilities with its largest share going to Bank of America. Other companies like TBS, Disney, and Viacom are owed money as well by the studio.

This news comes as a blow to fans looking forward to the live-action adaptation. Back in May, Global Road confirmed a slate of producers for the project, and Ron Howard was on that list alongside Brain Grazer and Erica Huggins from Imagine Entertainment. Other firms such as Weed Road Pictures were tapped to help produce the picture, but it seems Tiger & Bunny could be shelved indefinitely if it isn’t picked up by another studio.

Do you have faith that Tiger & Bunny will still happen? Let me know in the comments or hit me up on Twitter @MeganPetersCB to talk all things comics and anime!

If you are not familiar with Tiger & Bunny, you should know the anime made its debut in 2011 under director Keiichi Satou. The series followed up with two films which finished their release in February 2014. The series became a big hit with shonen fans thanks to its superhero stylings and smooth 3D graphics. So, fans are happy to see Tiger & Bunny prepping for a comeback.

The series is a unique one which paved the way for titles like My Hero Academia. Tiger & Bunnytakes place in a New York City-knockoff called Stern Bild City where heroes called NEXT exist. Each of the city’s top heroes work for sponsored companies and have their good deeds broadcast on live television. The heroes fight live to earn heroic points which can crown them as the King of Heroes, but things go awry when a NEXT called Lunatic appears and makes the world question what a true hero is.