Monday, February 11, 2013

Rhythm & Hues Filing For Bankruptcy

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...."

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