Feeds

Fuel VFX goes up in smoke

VFX house's staff gone, buyers in the wings

Secure remote control for conventional and virtual desktops

Australian visual effects company Fuel VFX looks set to be sold, just weeks after being placed into voluntary administration less than a fortnight ago.

The visual effects house secured cornerstone work in Ridley Scott’s Prometheus, The Avengers, Mission Impossible and Iron Man 2 but was hit with a cash crisis stemming from a slow down in local production activity.

All 80 Fuel VFX employees has been let go on the appointment of the administrators.

Administrators Jirsch Sutherland Partners said that while a number of salvage strategies had been canvassed including a possible white knight investor, the most likely scenario was now the sale of the business or assets following a recent call for expressions of interest.

The first Fuel VFX creditor's meeting was held last week with the next meeting scheduled at the end of the month. The administrators has indicated that the company collapses after an anticipated feature film production failed to materialise.

The identities of the potential buyers have yet to be named although Deluxe Australia, which recently acquired six Omnilab companies including visual effects house Iloura, has been suggested as a potential suitor.

Meanwhile, back in Hollywood, a parallel story has emerged as Academy Award winning special effects company Digital Domain Media Group, announced that it had filed for Chapter 11 bankruptcy this week and agreed to sell its production business to Searchlight Partners Capital for US$15 million.

Digital Domain’s founders included "Titanic" director James Cameron and has been a significant VFX studio for both films such as "Titanic" and "The Curious Case of Benjamin Button but also spreading VFX technology to advertising land. ®

Providing a secure and efficient Helpdesk

More from The Register

next story
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
Lords take revenge on REVENGE PORN publishers
Jilted Johns and Jennies with busy fingers face two years inside
Yes, yes, Steve Jobs. Look what I'VE done for you lately – Tim Cook
New iPhone biz baron points to Apple's (his) greatest successes
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Facebook pays INFINITELY MORE UK corp tax than in 2012
Thanks for the £3k, Zuck. Doh! you're IN CREDIT. Guess not
Ex-US Navy fighter pilot MIT prof: Drones beat humans - I should know
'Missy' Cummings on UAVs, smartcars and dying from boredom
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
Edward who? GCHQ boss dodges Snowden topic during last speech
UK spies would rather 'walk' than do 'mass surveillance'
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why and how to choose the right cloud vendor
The benefits of cloud-based storage in your processes. Eliminate onsite, disk-based backup and archiving in favor of cloud-based data protection.
Three 1TB solid state scorchers up for grabs
Big SSDs can be expensive but think big and think free because you could be the lucky winner of one of three 1TB Samsung SSD 840 EVO drives that we’re giving away worth over £300 apiece.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.