20th Century Fox/Rhythm & Hues The tiger in “Life of Pi,” digitally created by the visual effects company Rhythm & Hues.
4:48 p.m. | Updated The effects production company Rhythm & Hues has had a stellar week, creatively speaking: on Tuesday, it took home four awards from the Visual Effects Society for work on “Life of Pi,” much of which was also acknowledged by the Academy with multiple Oscar nominations in technical categories. On Sunday, it won the Bafta for visual effects. But behind the scenes, the company, based in El Segundo, Calif., was facing financial difficulties, and today it confirmed plans to file for Chapter 11 bankruptcy, according to Deadline.com.
Even as the Baftas were being handed out in London, Deadline reports, executives were calling employees to tell them of the move, and some were asked not to report to work today.
The company, which has branches in Canada, Taiwan, Malaysia and India, called a meeting at its headquarters today to discuss plans for the future. Prime Focus, an effects and 3D company in India, had been in talks to purchase Rhythm & Hues last week, but those negotiations fell through. Other suitors may yet line up, as the company is said to be still continuing to work on some projects, like the “Percy Jackson” sequel. Company representatives did not respond to requests for comment, according to Variety.
Correction: Feb. 11, 2013
An earlier version of this post misstated the timing of the Chapter 11 filing. Rhythm & Hues has not yet filed but plans to do so tonight, according to Lee Berger, president of the company’s film division.
I saw a preview for this film when the boyz took me see that last alien sequel. I found that 3D preview astonishingly captivating. Better than the movie I was there to see for my birthday.