Here's what Prana Studios Senior Vice-President Jeffrey A. Okun had to say about the deal.
The company's assets were acquired from the court by 34x118 Holdings Inc., a Prana Studios affiliate. 34x118 Holdings Inc.is the new operating company. Allan Soong of Deliotte CRG, will serve as Chief Restructuring Officer of the new operating company, and will work with Lee Berger as President, Erika Burton as Co-President, and Gautham Krishnamurthy as CTO to restructure the operations while maintaining the creative expertise which comprises the heart and soul of the R&H brand.
Lee Berger also released his own statement.
Anand Mahindra, Chairman, Mahindra Group, had this to say.
Founder of Sherpalo Ventures and Google Board member Ram Shriram offered this statement.
Co-founder of Nexus Venture Partners Naren Gupta released this statement.
Peter M. Gilhuly of Latham & Watkins', Andrew Walter of Evolution Media Capital, and PJ Shapiro of Ziffren, Brittenham and Branca represented Prana Studios Inc. in the negotiations. Brian L. Davidoff of Greenberg Glusker represented Rhythm & Hues.
Rhythm & Hues is a global production powerhouse for the creation of visual effects and animation for Hollywood movies. Among its 145 screen credits are Life of Pi, The Golden Compass and Babe, Academy Award winners for Achievement in Visual Effects, (in 2012, 2008, and 1995 respectively). R&H is also the recipient of four Scientific and Technical Awards from the Academy of Motion Picture Arts and Sciences (AMPAS). With headquarters in El Segundo, California, and additional facilities in Mumbai & Hyderabad India; Kuala Lumpur, Malaysia; Vancouver, Canada; and Kaohsiung, Taiwan - R&H Films offers filmmakers a dynamic creative resource with a vast array of technology and talent.
ABOUT PRANA STUDIOS
Prana Studios, Inc. is an artist-driven, full-service 3-D animation and visual effects studio with production offices in Los Angeles, CA, USA and Mumbai, India. The studio develops content and creates state of the art visual imagery for full-length feature animated films, high quality visual effects for live action and hybrid films, short-form media, and special venue attractions. Prana works in collaboration with major Hollywood studios and independent production companies throughout the world. The studio's creative skills range from visual and story development to final post, including complete CG and stereoscopic animation and image creation. Prana is a U.S. company founded in 2003 by Arish Fyzee, Kristin Dornig and Pankaj Gunsagar, and is backed by an outstanding group of investors who include Anand Mahindra (Mahindra & Mahindra), Mukesh Ambani (Reliance Industries), Naren Gupta (Nexus Capital), and Ram Shriram (Sherpalo). Jeffrey A. Okun is Sr. Vice-President of Visual Effects.
Prana Studios, Inc. is an anchor venture investor and partner in Kidaptive, an innovative educational technology company dedicated to smart storytelling on iPads. The curriculum is developed in collaboration with Stanford University researchers to create entertaining and adaptive content that helps children learn.
Current projects include the upcoming Disney's Planes theatrical release for the Walt Disney Company (Aug 2013), the animated feature film Legends of Oz (Spring, 2014 release), Pourquoi j'ai (pas) mange mon Pere (Pathe 2014), Percy Jackson: Sea of Monsters (20th Century Fox), and Saving Santa (Gateway Films 2013).
Major credits include the Academy Award Submitted Tinker Bell: Secret of the Wings, Tinker Bell and the Great Fairy Rescue and Tinker Bell and the Lost Treasure (Walt Disney Studios), Hitchcock, (20th Century Fox), The Watch, (20th Century Fox), Tron: Legacy (Walt Disney Studios), Transformers: Dark of the Moon (Paramount Pictures), Thor (Paramount Pictures), Tinkerbell (Walt Disney Studios), Hoodwinked (The Weinstein Co.), Unstable Fables (The Weinstein Co./The Jim Henson Co.), among others.