Technicolor To File For Administration In UK & Begins Receivership Process In France With Iconic Film Company On The Brink

deadline.com:

The picture gets bleaker for iconic film company Technicolor with updates that Technicolor Creative Studios UK Limited is due to file for administration today [Monday 24 February] and the company’s French divisions will open receivership proceedings.

Paris-based VFX and post giant Technicolor Group owns prolific brands including The Mill, MPC and Mikros Animation, whose work has spanned hundreds of movies from the Harry Potter films to Mufasa: The Lion King, Oscar nominee Emilia Perez and Paramount’s upcoming Mission Impossible – The Final Reckoning.

In a letter sent to UK employees on Sunday, and subsequently posted to Reddit and verified by multiple VFX outlets, the Group blamed “post-covid recovery, a costly and complex separation from the previous group followed by the writers’ strike leading to a slowdown in customer orders causing severe cash flow pressures”.

The letter, which you can read below, said that a call would take place on Monday afternoon between administrators Interpath Advisory and UK impacted employees.