I started hearing rumours about this on Saturday but didn't think it could possibly be true. Reading the news and seeing the comments on
Twitter this morning I was in shock. My heart goes out to my friends and all the talented crew there at
Rhythm & Hues. I wish you all the best and hope that you get compensated for all your hard work.
Here are some links and info:
Oscar-Nommed VFX House Rhythm & Hues Filing For Bankruptcy via Deadline
'...the financially-troubled company informed employees around 9pm Sunday
night of the upcoming Chapter 11 filing, insiders say. Many Rhythm &
Hues employees were also told by management not to show up to work on
Monday.......The three studios attempted to keep Rhythm & Hues alive with a joint
$21 million infusion before VFX company Prime Focus stepped in as a
potential buyer.'
R&H Fallout via VFX Law
'...I take note that R&H is supposedly calling individuals and letting
them know their paychecks are not coming. This is the worst sign of
all. When a company loses it’s human resources, it effectively
diminishes it’s value to investors to a point that it becomes difficult
to sell...'
Rhythm & Hues Bankruptcy Sends Shockwaves Through Visual-Effects Industry via The Wrap
"...If we didn't have an office in Canada, we'd be out of business," a
visual-effects executive told TheWrap. "Los Angeles is a ghost town for
visual effects. So few movie shoot in town anymore and studios would
rather give work to a foreign company and get a credit -- even if the
finished product is lower quality...."
