Visual effects and post-production giant Technicolor is reportedly close to collapse, after sending emails to its international employees warning of bankruptcy and administration.
The Paris-headquarted business, which owns The Mill, MPC and Mikros Animation, has reportedly sent an email to its US employees from CEO Caroline Parot on Friday, that said: “Despite exhaustive efforts — including restructuring initiatives, discussions with potential investors, and exploring acquisition opportunities — we have been unable to secure a viable path forward. Unfortunately, this leaves us with no alternative but to acknowledge that the Company may be forced to foreclose.”
It added, “If no viable solution is identified by the end of today, Friday, February 21, 2025, we will be required to cease our U.S. operations as early as Monday, February 24, 2025.”
In addition, reports claim UK employees also received an email from the company on Sunday, appointing Interpath Advisory as administrator. The email said “Once the Administrators are appointed, they will send an email with dial in details for a call tomorrow afternoon where they will explain the impact of the Administration on employees. Whilst you are awaiting this call tomorrow and the details for the next steps, we would ask that you please refrain from coming to the office which will be close[d] for the day.”
Over 10,000 VFX and animation workers are employed by Technicolor around the globe.
MPC has credits including Disney’s Mufasa The Lion King and Young Woman and the Sea Universal’s The Last Voyage Of Demeter. MPC has nine offices around the world, including London, Los Angeles, Montreal, Toronto, Paris and Bangalore. Mikros Animation has studios in Los Angeles, Montreal, Paris, London and Bangalore, and credits including Netflix animation Thelma The Unicorn and DreamWorks Animation’s Orion And The Dark. The Mill specialises in commercials vfx.
Technicolor and Interpath have been contacted for comment.
This article was first published by Screen’s sister title Broadcast.
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