Technicolor Group, the French VFX big that owns a few of Hollywood’s most in-demand post-production homes, seems to be on the point of collapse — placing hundreds of jobs in danger.
Variety stories that Technicolor has begun winding down operations after failing to safe a brand new spherical of funding essential to preserve the whole worldwide outfit working. In a message despatched to staff on Monday, Technicolor CEO Caroline Parot claimed that COVID-19 era setbacks and the 2023 writers strike have been two sources of the “extreme money circulate pressures” the corporate has been struggling to cope with.
Parot additionally stated Technicolor — which operates within the U.S., Canada, Europe, India, and Australia — “should face actuality,” and defined that the corporate has petitioned the Paris Industrial Court docket to provoke receivership proceedings.
“In every nation, the suitable framework for orderly safety and approach ahead is at present being put in place to permit, when potential, to stay in enterprise continuity,” Parrot stated. “This determination was not taken calmly; each potential path to protect our legacy and safe the way forward for our groups might be totally explored to supply an opportunity to every of its exercise to be pursued with new buyers.”
Technicolor Group, which owns Transferring Image Firm (Dune, Spider-Man: No Approach Dwelling), The Mill (Detective Pikachu, Severance), Mikros Animation (Teenage Mutant Ninja Turtles: Mutant Mayhem, Orion and the Darkish), and Technicolor Video games (Mass Impact: Legendary Version), isn’t any stranger to monetary woes. The corporate was spun-off from Vantiva SA (previously often known as Technicolor SA) in 2020 after the latter filed for Chapter 15 bankruptcy and underwent a large-scale restructuring. Parot additionally pointed to Technicolor’s separation from Vantiva as an element that contributed to its present “troublesome operational state of affairs.”
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