JS out of running for Rhythm and Hues
The beleaguered US effects house said on Tuesday  that the South Korean bidder JS Communications indicated it will miss the Mar 19 deadline set by the bankruptcy court to execute a sale agreement in connection with its stalking horse bid.
Other prospective bidders in the sale process have indicated they intend to move forward and will submit bids by the Mar 22 deadline for all bids.
The auction for Rhythm And Hues, the effects house behind Oscar winner Life Of Pi [pictured], is set to take place on Mar 27
The bankruptcy court will review the winning bid on Mar 28 and, if approved, a transaction is expected to close shortly thereafter.