From Variety:

“On Friday, Technicolor began alerting customers and employees, sending U.S. employees a WARN notice as required by law for large companies that anticipate closings and mass layoffs. A total shutdown of MPC and Technicolor’s operations would affect thousands of visual effects workers.

“According to the text of the notice, obtained by Variety, “Technicolor has been facing severe financial challenges. Despite exhaustive efforts — including restructuring initiatives, discussions with potential investors, and exploring acquisition opportunities — we have been unable to secure a viable path forward. Unfortunately, this leaves us with no alternative but to acknowledge that the Company may be forced to foreclose.”

Another portion reads, “If no viable solution is found, we may be required to cease our U.S. operations as early as Monday, February 24, 2025.”

Paris-headquartered Technicolor — which owns MPC, commercial VFX company The Mill, Mikros Animation and Technicolor Games — is involved in multiple conversations this weekend, aiming to secure a deal or deals for acquisition of the full company or individual brands, or otherwise keep the doors open, according to sources. “People are rushing to see if they can do a deal,” one insider requesting anonymity told Variety.

Full details at Variey.