One the country's largest animation companies is on the brink of closure. On Saturday, Crest Animation Studio, Ghatkopar, asked most its employees to leave as it was unable to pay them. The 250-odd animators however refused to quit and demanded they be paid their dues, which have been pending for the past nine months, leading to a stalemate between the cash-strapped firm and its equally broke employees.
In the evening, employees finally left for the day but not before they roped in Maharashtra Navnirman Workers Sena to keep a check on the managment and ensure they did not shut shop overnight, leaving them high and dry. ...
Which probably means that Crest Animation Burbank (California) has problems or will close.
Crest Animation made some animated features that didn't succeed in the marketplace, and now (apparently) is in receivership.
As VFX Soldier relates:
... [There has been] a combination of problems in India’s VFX & animation industry this year: R+H’s bankruptcy, Prime Focus running very low on cash late 2012, Reliance Mediaworks continuing to blow money away year after year, and outright fraud by bogus industry reports of growth and crooked education facilities. ...
Regardless of failed business models, it's always tough when employees lose their jobs, and also don't get paid. Our sympathies to the staff of Crest Animation.