After an explosive document was filed yesterday that questioned Rhythm & Hues' leadership and recommended liquidating the company, a bankruptcy court on Friday approved a stalking horse bid from South Korea’s JS Communications to acquire embattled Rhythm & Hues.
JS Communications will assume the roughly $17 million in loans from Universal and Fox, which were provided to keep R&H operational as it completes work on Universal's R.I.P.D., scheduled for release July 19, and Fox's Percy Jackson: Sea of Monsters, scheduled for Aug. 16. JS Communications will also pay an additional $1 million in cash, according to Peter Fishman, director at Houlihan Lokey, the lead financial advisor in the sale of the company.
JS Communications will assume the roughly $17 million in loans from Universal and Fox, which were provided to keep R&H operational as it completes work on Universal's R.I.P.D., scheduled for release July 19, and Fox's Percy Jackson: Sea of Monsters, scheduled for Aug. 16. JS Communications will also pay an additional $1 million in cash, according to Peter Fishman, director at Houlihan Lokey, the lead financial advisor in the sale of the company.