29 March 2013 11:25 PM, PDT | DearCinema.com | See recent DearCinema.com news »

Prana Studios, an India-us firm has placed the winning bid to acquire Rhythm and Hues, the studio behind the creation of Ang Lee’s Life of Pi. The bidding value is estimated to be at $ 17.8 million, of which $1.2 million will be paid in cash, $16,277,020 will be invested in clearing debt, and an estimated $327,222 in cure amounts.

A California bankruptcy court  approved the sale on Friday afternoon.

Two other firms, Prime Focus from India and Brave Vision from China are said to have shown interest to acquire Rhythm and Hues.

VFX house Rhythm and Hues Studios filed for Chapter 11 bankruptcy proceeding in the United States on February 23, 2013. This year the studio won a BAFTA award and an Oscar for visual effects in Life of Pi. Formed in 1987, Rhythm and Hues Studios has branches in Mumbai and Hyderabad in India, Los Angeles, Kuala Lumpur, Vancouver and Kaohsiung. Some of the noted films »

- NewsDesk

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