Bankrupt ‘Life of Pi’ Special Effects House Finds Bidder
03/08/13
By Ben Fritz
- 20th Century Fox/Everett
- Pi Patel (Suraj Sharma) and a fierce Bengal tiger named Richard Parker must rely on each other to survive an epic journey.
Bankrupt visual-effects company Rhythm & Hues has found a stalking-horse bidder.
In a filing in U.S. bankruptcy court in Los Angeles late Thursday, the company that behind the lifelike tiger and other effects in “Life of Pi,” which won the Oscar for best visual effects, said it had received a bid worth about $17 million from South Korean Media company JS Communications Co.
Peter S. Fishman, a director at advisory firm Houlihan Lokey, which is helping to facilitate a sale, said in a filing that JS’s letter of intent “offers the best terms for the estate and its creditors of the proposals received.”
JS is offering to assume nearly $16 million worth of debtor-in-possession loans from two studios for which Rhythm & Hues is doing work and to pay $1 million in cash to help satisfy other liabilities.
Fishman said that Houlihan has received nondisclosure agreements from about 20 prospective buyers, of which around 10 have conducted onsite due diligence. He said he expects to receive more bids before a proposed deadline of March 22.
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