Prana Studios To Pay $1M For Bankrupt Rhythm & Hues

Law360, Los Angeles (March 29, 2013, 10:24 PM ET) -- A Prana Studios Inc. affiliate will buy bankrupt visual effects rival Rhythm & Hues Inc. for $1.2 million, according to a statement by Prana and court papers filed Friday in California bankruptcy court.  

After a two-day auction, U.S. Bankruptcy Judge Neil Bason approved the sale of Rhythm & Hues to 34x118 Holdings LLC, which was formed to acquire the Academy Award-winning company’s assets, Prana said. It will pay $1.2 million in cash and assume the outstanding balance on the company’s debtor-in-possession loan, among other things, according to...
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