Financially troubled visual effects company Rhythm & Hues has said it needs to find a buyer by mid-March to have a shot at emerging from Chapter 11 bankruptcy.
The company is currently operating on a $17 million loan from Universal and Fox and a $4.9 million loan from Legendary Studios that are expected to run out by the middle of the month.
Rhthym & Hues followed up its Oscar win last month for its work on Life of Pi with layoffs for 250 workers and a filing for bankruptcy protection. The company has hired a firm to assist in finding a buyer and there are about 16 potential buyers conducting due diligence. But with money running out fast, any potential buyer would have to move quick to keep the company going, Rhythm & Hues stated in a court filing this week.