A VFX pillar for multiple decades, the Technicolor Group has been operating since 1915. Now, it looks like that may end. Technicolor is in danger of closing its doors. The company had been seeking investors, but without any stepping forward, it's preparing the next steps. As reported by Variety, if the company totally shut down, it would affect thousands of people across a few different countries, including the U.S., UK, Canada, and India.Technicolor also operates numerous VFX studios like MPC, Mikros Animation, The Mill, and Technicolor Games. They're actively still working on movies like Mission: Impossible - The Final Reckoning and Lilo & Stitch. Behind the scenes, it seems like they're still scrambling to find the money to stay open. There's no word on how far along those projects are and if this shakeup could affect them at all. Technicolor Group CEO Caroline Parot sent a memo to all employees Monday that read: Dear Team,As we have communicated over the past months, the Group has been experiencing difficulties linked to a variety of factors and has not been spared from external headwinds: the difficult operational situation resulting from post-covid recovery, a costly and complex separation from the previous group followed by the writers’ strike leading to a slowdown in customer orders causing severe cash flow pressures. Today, the company must face reality. Due to inability to find new investors for the full Group, despite extensive efforts, Technicolor Group has filed for Court “recovery procedure” before the French Court of Justice...
Published By: NoFilmSchool - Yesterday