After the weekend during which I tried to make 11 hours deals to save the company and its brands, Caroline Barrot, CEO of Technicolor Group, sent a memo to employees on Monday, and wrote “Because of the inability to find new investors to the full group, despite efforts Wide, the Technicolor Group group (based in Paris) was presented for “procedures Recovery “before the court before the French Court of Justice to give an opportunity to enable finding solutions.”
The giant Technicolor MPC (“MUFASA”, “The Lion King”), the VFX The Mill Commercial brand, Mikros Animation and Technicolor Games. The complete closure of MPC and Techncolor operations will affect thousands of visual effects in countries in the United States, the United Kingdom, Canada and India. It sparked the role in stimulating work and sparked sadness within the VFX community.
The PAROT note explains, “In every country, the appropriate framework for organized protection is currently being placed and moved to allow, when possible, to stay in the continuity of work.”
Technicolor has already started closing the US operations. On Friday, customer and employees were alerting, which sent the employees a warning notice as required under the law for large companies that expect to close and demobilize collective workers.
It has already begun at least one voltage for about 100 American employees at the factory. Creative leadership and most of the creative employees that The Mill Us Technicolor was joining Dream Machine FX to launch a new project, Arc Creative, diverse I mentioned exclusively on Monday. A statement issued by the artists explains that they are working to launch the new entity amid “the complexities of the procedures of Chapter 7 of Technicolor.”
Questions about how to finish the upcoming projects that are currently located in MPC, which includes a new edition of Disney Live-Action from “Lilo and Stitch” and Paramount’s “Mission: ISSISTRICT-TE FINAL RECKONING”, as well as MIKROS, such as Paramount continues and The upcoming “Teenage Mutant Ninja Turks”.
Technicolor has witnessed many changes in administration and administrative changes since it was presented to protect Chapter 15 of bankruptcy in 2020. of subsequent recovery, a costly and complicated separation from the previous group followed by the book strike, which led to a slowdown in customer orders, causing a severe cash flow pressure. With technicolor and MPC by diverse To comment.
Post Technicolor was sold to SPherland Media for $ 36.5 million in 2021, and its operations were merged with Streamland companies, including the photo store. In 2022, Technicolor has restarted MPC and other current brands as creaticolor creative services while the company’s connected services and company supply chain were provided separately under a new brand, Vantiva.
The text of the parotid is followed by employees.
Dear team,
As we communicate over the past months, the group faces difficulties related to a variety of factors and has not survived from the external opposite winds: the difficult operational situation resulting from the subsequent recovery, which is a costly and complex separation from the previous group followed by the book strike, which led to a slowdown in customer orders, which caused Severe cash flow pressure.
Today, the company must face the reality. Due to the inability to find new investors for the full group, despite the intense efforts, the Technicolor Group applied to the court’s “recovery procedures” before the French Court of Justice to give an opportunity to find solutions.
In each country, the appropriate framework for organized protection is currently being placed and moved to allow, when possible, to remain in the continuity of work.
This decision was not taken lightly. Each possible path will be explored to preserve our legacy and secure the future of our teams accurately to provide an opportunity for each of its activity to track it with new investors.
Technicolor is more than just a company, it is a society of talented, emotional and creative individuals who brought some of the most famous visual experiences in life. The work we create together explains our dedication and art and identifies Technicolor.
As we move forward, our priority is your support through this transition. Given the complications of labor laws and regulations in the various countries in which we work, this process will be performed on the basis of each country separately, ensuring compliance with local frameworks, and providing the necessary support for each of you.
We realize that this is a very difficult moment, and we are here to support you in any possible way.
In both countries, you will receive a dedicated email regarding your time in time.
With the deepest appreciation and respect,
Caroline parotid
