VFX house Rhythm & Hues, located in Southern California has been recognized
for its visual effects, even gaining numerous Academy Awards for its work.
Its most recent award came just last month when they earned an Oscar for
the work they did in the
Life of Pi. Unfortunately, hard times have caused the company to face financial difficulty
and they are dealing with a bankruptcy filing. Around 250 workers were
laid off. The company was placed in a position where they needed to find
a buyer by the middle of March in order to get through the Chapter 11
filing. The company was set to auction off after this action was approved
by a California federal bankruptcy judge last Wednesday.
The Stalking Horse Bidder, as JS Communications has been referred to has
sought to bid for the company and this was approved as of earlier today.
Now that this step has been taken, the next one will continue to get the
company out of Chapter 11 Bankruptcy. The company will go to the South
Korean media company, JS Communications if no other bidders step in to
take it. While R&H was hoping to get $675,000, JS could receive a
break of $425,000 in the event that another bidder buys the auctioned
company. It is yet to see what will happen with the rest of the case as
it plays out.
Bankruptcy can be a way out for many people when it is implemented in the
correct manner. It should also be done sooner than later and while many
people avoid it hoping that the situation will be corrected, they end
up putting themselves in a worse position by waiting so long. Get started
today by first speaking with an Irvine bankruptcy attorney about your
Peter Rasla & Associates, P.L.C. or fill out a case evaluation form online.