From the NY Times:
According to filings, made on Wednesday with the bankruptcy court in Los Angeles, Fox and Universal agreed to extend credit that will allow the company to proceed with work on their films, presumably including Fox’s “Percy Jackson: Sea of Monsters” and Universal’s “R.I.P.D.”
But Warner, according to the effects company’s motion, which seeks extra time to file a schedule of assets and liabilities, has demanded the “return of all materials” related to three of its scheduled movies.
Steve Hulett opines here.
While I applaud Fox and Universal for extending credit to Rhythm I’m dissapointed to see WB’s actions on the heels of threats leveled at the country of New Zealand. This only adds more volatility to the industry at a very difficult time.
People have lost their jobs with weeks of pay missing. However this is how Hollywood works. It’s all about leverage and brinksmanship. We may not have the leverage now, but we won’t forget.