"The visual effects industry woke up Monday morning to news it had been dreading," Variety reported later that day. "One of its most admired companies, Rhythm & Hues, had been forced into bankruptcy."
R&H's "Life of Pi" (2012) just won four Visual Effects Society Awards, including the equivalent of Best Picture; as well as the BAFTA for visual effects. The company will file for Chapter 11 reorganization in Los Angeles.
They're laying off staff now, and the LA Times has more.