Technicolor Group, the French VFX giant that owns some of Hollywoodâs most in-demand post-production houses, appears to be on the brink of collapse â putting thousands of jobs at risk.
Variety reports that Technicolor has begun winding down operations after failing to secure a new round of investment necessary to keep the entire international outfit running. In a message sent to employees on Monday, Technicolor CEO Caroline Parot claimed that COVID-19 era setbacks and the 2023 writers strike were two sources of the âsevere cash flow pressuresâ the company has been struggling to deal with.
Parot also said Technicolor â which operates in the U.S., Canada, Europe, India, and Australia â âmust face reality,â and explained that the company has petitioned the Paris Commercial Court to initiate receivership proceedings.
âIn each country, the appropriate framework for orderly protection and way forward is currently being put in place to allow, when possible, to remain in business continuity,â Parrot said. âThis decision was not taken lightly; every possible path to preserve our legacy and secure the future of our teams will be thoroughly explored to offer a chance …
