UPDATE, 8:28 PM: Rhythm & Hues just confirmed Deadline’s report in a press release. The VFX studio says it expects a “competitive auction” on March 27, which will be decided in court on March 28. But don’t count JS Communications out yet: I’m told they’re still exploring their options and may still throw their hat into the ring. “I looked at the company and due to the nature of this business, one missing component was cooperation from the studios because the work comes from them”, JS Communications’ David Shim told Deadline, adding that he’s “still working to have a dialogue with the studios”.
PREVIOUS EXCLUSIVE, 6:57 PM: JS Communications was approved earlier this month as a stalking horse bidder in the ongoing Rhythm & Hues bankruptcy case, which would have guaranteed a minimum bid in the VFX shop’s upcoming auction. But the South Korean media company confirmed to Deadline that it failed to submit a firm purchase agreement for Rhythm & Hues’ assets by today as mandated by the court. (more…)