Japanese animation studio Future Planet has filed bankruptcy, reports Variety. The studio holds $12.4 million in debt, mainly due to its production of the Japanese-Chinese co-production ROMANCE OF THREE KINGDOMS. The production cost $2.4 million and experienced multiple delays. The series finally premiered in April, but Future Planet couldn't make back its costs quickly enough to stop the bleeding. On July 31, the studio fired its 160-employee staff and closed its doors.