Rhythm & Hues Sale Update:(Korean Firm Out)

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  03 March 2013
Rhythm & Hues Sale Update:(Korean Firm Out)

Rhythm & Hues Sale Update:(Korean Firm Out)
Quote:
"
Bankrupt visual effects studio Rhythm & Hues announced this evening that Korean firm JS Communications, which had been the “stalking horse” bidder in the bankruptcy process, has missed its deadline to complete a binding Asset Sale and Purchase Agreement (APA). Thus JS is out as stalking horse bidder.

JS managing partner David Shim told Variety I worked hard with the studios (Universal and Fox) to establish some sort of an order in the working relationship. I think it’s a problem inherent in this industry, and the type of cooperation I was seeking wasn’t working out.” He said he would miss today’s deadline because there wasn’t time to execute a proper bid, and suggested he still would like to bid. All bidders must submit their APAs no later than this Friday, March 22.

Brian Davidoff of Greenberg Glusker, the law firm representing Rhythm & Hues, told Variety Shim’s communications with them had also suggested he intended to submit a bid at the end of the week. Shim spent quite a bit of time on-site at R&H’s El Segundo HQ working on a plan for the company. He also met privately with Universal and Fox."

http://variety.com/2013/digital/new...der-1200326232/

AND
How Failed Studio Talks Left Rhythm & Hues Adrift
Shim says he asked Universal and Fox to agree to make “best efforts” to send a total of $60 million of work to R&H over the next three years, while R&H would be repaying their loans. During busy years, Fox and U sent far more than $60 million a year in work to R&H, but last year that figure fell off to just $18 million.

Essentially, he said, the studios wanted “just patch it up, like it was a bad accident,” and return to the same business relationship they had with R&H before the bankruptcy.


http://variety.com/2013/digital/new...ift-1200326570/
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Last edited by RobertoOrtiz : 03 March 2013 at 05:11 AM.
 
  03 March 2013
With no guarantees of work and very slim profit margins, how would a business like this find a way to pay off their accrued depts? Let the company go bankrupt, and shaft all the creditors? Try to move all work off shore using cheap labour, and shaft those who made the company great?
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  03 March 2013
but hey at least the UK government helped kick the can down the road for their artists... nullifying solidarity talks.
 
  03 March 2013
Originally Posted by PerryDS: With no guarantees of work and very slim profit margins, how would a business like this find a way to pay off their accrued depts? Let the company go bankrupt, and shaft all the creditors? Try to move all work off shore using cheap labour, and shaft those who made the company great?


Just like that. None of us like it but the reality is that it is not unusual at all to see that practice in various other areas.
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  03 March 2013
Someone should end this crisis as soon as possible....it will be a scene out of a horror film,if the company collapses and thousands of artists are left jobless all over the world..
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  03 March 2013
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