German VFX Company CinePostproduction Files for Bankruptcy
The insolvency of the Munich-based outfit follows the bankruptcies of giants like Digital Domain and Rhythm & Hues.
COLOGNE, Germany -- German postproduction outfit CinePostproduction has filed for bankruptcy protection, the latest in a long line of VFX houses to go bust as the entire industry struggles to find a workable business model.
The Munich-based company, a subsidiary of the CineMedia group, is one of Germany's largest postproduction firms, with offices in Munich, Berlin, Hamburg, Cologne and Halle. CinePostproduction did VFX work on Detlev Buck's 3D period drama Measuring The World (2012) as well as Philipp Stolzl's upcoming The Physician, starring Ben Kingsley, Tom Payne and Stellan Skarsgard.
The German bankruptcy follows similar problems at effects houses worldwide, with such major postproduction groups as Digital Domain, which worked on Ender's Game, and Rhythm & Hues, a VFX Oscar winner for Life of Pi, going bust and being auctioned off.
Last month, the Visual Effects Society released a white paper outlining the problems facing the industry and making several recommendations, including proposing adopting alternative models to fixed price bidding.