JS Communication , South Korean entertainment and media company has withdrawn its bid to acquire visual effects company Rhythm & Hues which is based in El Segundo.
Rhythm & Hues had won an Academy Awards for Visual effects on Life of Pi which was directed by Ang Lee. The visual effects company had filed for bankruptcy last month. JS Communications said in the statement that they were unable to meet a 22 March deadline to buy a company. JS Communication was designated stalking horse bidder.JS Communications did not specify any reason for their decision to withdraw from the bid.
Other unidentified bidders remain interested in buying Rhythm & Hues will submit their bids by March 22. If the bids are approved, successful buyer will submit its bid for approval by Bankruptcy court on 29th March. Rhythm & Hues had filed for bankruptcy after laying off 250 employees.