FRAGGLE ROCK film moving ahead at New Regency

The Muppets is coming to the screen with the help of Disney, and now nother Jim Henson property is making it's way to theaters. Deadline reports that New Regency won the rights to turn Fraggle Rock into a feature film. A number of studios were interested in the project, but New Regency finalized the deal. The Jim Henson Company and the Montecito Picture Company are serving as producers on the project. Fraggle Rock first premiered on HBO in 1983, and ran for five seasons. The story followed characters Gobo, Wembley, Mokey, Boober and Red, who lived in Fraggle Rock. Fraggles interacted with humans who they thought were aliens.

New Regency responsible for the Alvin and the Chipmunks franchise, so I hope this will be better than the that. Arnon Milchan recently boarded the company along with Brad Weston. The duo's goal is to develop a slate of filmmaker-driven films that are mostly geared for adults. At this time there is no word on whether the film will use puppets or be a CG/live-action mix. A writer is being sought now to properly craft the story. 

I think that going the same route as the current Muppets movie would be the best bet. I remember enjoying Fraggle Rock and hope this turns out well. What are your thoughts?