South Korean entertainment and media company JS Communications has withdrawn its bid to acquire El Segundo-based visual effects company Rhythm & Hues, according to a report by the Los Angeles Times.

Rhythm & Hues, which won an Academy Award for its work on Ang Lee’s Life of Pi and filed for bankruptcy last month, said in a statement that JS Communications, the previously designated stalking horse bidder, was unable to meet a March 22 deadline to buy the company.

While the statement did not specify the reason for the decision, JS has reportedly cited a “lack of cooperation from the studios.”

A handful of other unidentified bidders remain interested in buying Rhythm & Hues and intend to submit bids by the March 22 deadline, according to reports.

If approved, the successful buyer will submit its bid for approval by the Bankruptcy Court on March 29, effectively ending Rhythm & Hues' bankruptcy proceeding.

Rhythm & Hues filed for bankruptcy protection under Chapter 11 of the federal bankruptcy code last month after laying off 250 employees.