
Technicolor Begins to Shut Down Operations ‘Due to Inability to Find New Investors
By Carolyn Giardina
According To The variety Following a weekend during which it tried to make 11th hour deals to save the company and its brands, Technicolor Group CEO Caroline Parot sent a memo to employees Monday, writing “due to inability to find new investors for the full Group, despite extensive efforts, [Paris-headquartered] Technicolor Group has filed for Court ‘recovery procedure’ before the French Court of Justice to give a chance to enable to find solutions.”
Technicolor encompasses VFX giant MPC (“Mufasa,” “The Lion King”), commercial VFX brand The Mill, Mikros Animation and Technicolor Games. A total shutdown of MPC and Technicolor’s operations would affect thousands of visual effects workers in countries include the U.S., UK, Canada and India. T...