Whether you take it as good news or bad news, the majority of the fanbase will probably be relieved to hear it.
According to The Hollywood Reporter as well as Comic Book Resources, Michael Bay's intended reboot of the Teenage Mutant Ninja Turtles franchise has been put to a stop, getting pushed back from a December 2013 release all the way to sometime in May 2014. The pre-production work being done for the movie has been placed in shutdown, as staff and crew working on the project have been laid off, most likely due to negative reaction from fans over the "alien treatment" Bay intends to give to the heroes-in-a-half-shell. This also comes off the tails of Paramounts other woes, which include delaying films World War Z and G.I.Joe Retaliation. For more info on the story can be found via the source post at THR and CBR.