Digital Domain Media Group files for Chapter 11 bankruptcy protection
Digital Domain Media Group has filed for Chapter 11 bankruptcy protection on Tuesday.
Photographer: Hobie Hiler, Scripps
Copyright 2012 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Posted: 09/11/2012
Digital Domain Media Group, the digital production company founded by director James Cameron, filed for Chapter 11 bankruptcy Tuesday as the company looks to return to its core business of producing digital effects.
By filing for Chapter 11, the company can continue to operate while working with the court on a plan to repay creditors.
Digital Domain's new plans include an agreement with Searchlight Capital Partners L.P. Searchlight will acquire Digital Domain Productions, which includes studios in California and Canada. Digital Domain Productions will be led by recently promoted Chief Executive Officer Ed Ulbrich. Former CEO John Textor resigned late Thursday.
Searchlight will get assets of Digital Domain Productions for $15 million, subject to a public auction. The company estimates it has about $212 million in debt.
Best known for its work on Cameron's "Titanic," Digital Domain had produced visual effects for more than 90 movies, including "Pirates of the Caribbean: At World's End" and the "Transformers" series.
Copyright AP Modified, Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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