Technicolor Group, the French VFX big that owns a few of Hollywood’s most in-demand post-production homes, seems to be getting ready to collapse — placing 1000’s of jobs in danger.
Selection studies that Technicolor has begun winding down operations after failing to safe a brand new spherical of funding essential to maintain all the worldwide outfit operating. In a message despatched to staff on Monday, Technicolor CEO Caroline Parot claimed that COVID-19 period setbacks and the 2023 writers strike had been two sources of the “extreme money circulate pressures” the corporate has been struggling to cope with.
Parot additionally stated Technicolor — which operates within the U.S., Canada, Europe, India, and Australia — “should face actuality,” and defined that the corporate has petitioned the Paris Industrial Court docket to provoke receivership proceedings.
“In every nation, the suitable framework for orderly safety and means ahead is at present being put in place to permit, when potential, to stay in enterprise continuity,” Parrot stated. “This choice was not taken calmly; each potential path to protect our legacy and safe the way forward for our groups might be totally explored to supply an opportunity to every of its exercise to be pursued with new traders.”
Technicolor Group, which owns Shifting Image Firm (Dune, Spider-Man: No Method House), The Mill (Detective Pikachu, Severance), Mikros Animation (Teenage Mutant Ninja Turtles: Mutant Mayhem, Orion and the Darkish), and Technicolor Video games (Mass Impact: Legendary Version), isn’t any stranger to monetary woes. The corporate was spun-off from Vantiva SA (previously generally known as Technicolor SA) in 2020 after the latter filed for Chapter 15 chapter and underwent a large-scale restructuring. Parot additionally pointed to Technicolor’s separation from Vantiva as an element that contributed to its present “tough operational state of affairs.”
