Michael Bays's TMNT Film Is "Delayed"

According to The Hollywood Reporter:

Paramount Pictures has shut down a planned reboot of the Ninja Turtles franchise, sources tell The Hollywood Reporter. The effects-heavy film, which was in preproduction in Vancouver, was set for release in December 2013. That date is being pushed to May 2014, according to sources.

The crew working in pre-production have been layed off "indefinitely", which seems to indicate the project is either dying or dead.