Citing the impact of the COVID-19 pandemic, the French owner of international VFX brands including MPC, The Mill, Mr. X and Mikros has reached a restructuring agreement with creditors that will protect US assets. Technicolor SA filed for Chapter 15 June 23rd in a US bankruptcy court also citing significant business challenges due to an ongoing decline in its DVD manufacturing business that began with the shift to digital content distribution more than a decade ago. The Chapter 15 filing will allow the company to protect its US assets while reorganizing in its home country. Technicolor has suffered a series of setbacks in recent months. On May 28, the company announced it had merged its Mill Film and MR. X VFX companies in response to industry changes brought about by the pandemic; operating now as MR. X, the company noted it would keep all facilities open in Toronto, Montreal, Los Angeles, Adelaide and Bangalore after shutting down its Vancouver office last year. Last year the company and its former CEO Frederic Rose, were indicted for fraud and breach of trust by French authorities and the investigation is ongoing. Last month, Moody’s Investors Service downgraded the company’s rating, citing the company’s performance and uncertainty surrounding its plans to raise capital.
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