Technicolor's four creative units - Mikros, The Mill, MPC, and Technicolor Games - have suspended operations, with over 2,000 Indian employees asked not to report to work until further notice.

Despite last-minute talks with potential partners, rescue efforts failed, as signaled by WARN notices in the US. The sudden closure of these once-exemplary VFX and animation studios has been attributed to alleged financial mismanagement, excessive spending, and negative cash flows.

Many a panic stricken VFX artist has been reaching out to the indiantelevision.com group seeking succour to get them jobs. 

Updated on 24 February at 2:47 pm:

Media reports state that in the United Kingdom, Technicolor Creative Studios UK Limited will be filing for administration, today 24 February.  According to procedures, when a company goes into administration in the UK an external liquidator comes aboard to manage the company, repay creditors, and determine its future.