Posted: Thu., Jul. 2, 2009, 3:10pm PT

Japan's Gonzo to delist, downsize

Animation co.'s debts have exceeded its assets

By Mark Schilling

Gonzo’s many credits include 'Afro Samurai.'

Japanese toon house Gonzo will delist from the Mothers section of the Tokyo Stock Exchange on July 30.

Its debts have exceeded its assets since the fiscal year ending in March; under TSE rules, a company must prepare for delisting if it stays in the red for two consecutive fiscal years.

Gonzo is in the process of a restructuring that will reduce its creative staff from 130 to 30 within five years and stem the losses.

The toon house listed on the Mothers exchange for startups in November 2004.

Gonzo’s many credits include “Afro Samurai,” a toon series voiced and co-produced by Samuel L. Jackson that aired on Spike TV in 2007. A follow-up pic, “Afro Samurai: Resurrection,” was broadcast on Spike in January and released on DVD in February.