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Old 03-22-2013, 03:36 AM   #346
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LATIMES: Prime Focus emerges as bidder for Rhythm & Hues

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Prime Focus, the Indian visual effects and 3-D conversion company, has emerged as a possible buyer for Rhythm & Hues, the prominent visual effects company which recently filed for bankruptcy protection.

Prime Focus had previously attempted to provide $20 million in financing to Rhythm & Hues, but the deal fell through prior to the company's bankruptcy filing last month.

Now Prime Focus, one of India's leading visual effects and post-production companies, with a large operation in Hollywood, is one of three leading bidders to acquire El Segundo-based Rhythm & Hues, according to a source close to the studio who was not authorized to discuss bids."

http://www.latimes.com/entertainmen...0,4674682.story
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Old 03-23-2013, 04:06 PM   #347
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Rhythm & Hues Bid Deadline Today; At Least Four Buyers Reportedly Interested

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"Itís coming down to the wire for bankrupt VFX house Rhythm & Hues. Today at 5 PM is the deadline Federal Court Judge Neil Bason set for interested buyers to submit qualified bids for the company ahead of a March 27 auction. Iím told at least four bidders will be entering the fray, including Prime Focus, Prana Animation, Psyop and one other. Korean company JS Communication this week dropped out as the court-approved stalking horse bidder, which would have guaranteed Rhythm & Hues a minimum bid at auction. That surprise hiccup sprang from recent failed talks between JS and studios Fox and Universal, which last month teamed to bail out Rhythm & Hues with a $17 million DIP loan. JS rep David Shim told Deadline the two studios were uncooperative when he asked for a non-binding handshake agreement to $60 million worth of work per year for three years to ensure Rhythm & Hues had financial lifeblood through a post-sale rebuilding phase. He also says he agreed to pay an additional $3M to cover operational costs for the company. But a source with knowledge of the talks claims Shim was asking for a binding guarantee as well as additional financial commitments, a tall order in an industry where production and release schedules for studio films are always potentially in flux."

http://www.deadline.com/2013/03/rhy...tential-buyers/
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Old 03-23-2013, 04:06 PM   #348
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