logo
Share SHARE
FONT-SIZE Plus   Neg

Digital Domain Files For Bankruptcy; Sells Operating Unit For $15 Mln

Ani­ma­tion com­pany Digital Domain Media Group Inc. (DDMG) has filed for Chapter 11 bankruptcy protection, as part of its prior announced strategic realignment, and to ensure the long-term future of its core business and facilitate a sale of assets. Further, DDMG said it has reached a purchase deal with Searchlight Capital Partners L.P. to buy Digital Domain Productions and its operating units in the U.S. and Canada or "DDPI", including Mothership Media, subject to the receipt of higher and better offers and Court approval.

As per the purchase agreement, Searchlight would buy the assets of DDPI free and clear of all claims and encumbrances pursuant to section 363 of the U.S. Bankruptcy Code for $15 million.

As of June 30, 2012, the company had total balance sheet assets of nearly $205 million and total balance sheet liabilities in the approximate amount of $214 million. The company closed its Port St. Lucie, Florida operations last week and fired most of the employees.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Major League Baseball is talking expansion for the first time in a few decades. Owners stand to make a pretty penny from expansion fees and subsequent television rights. The possibility of a more balanced schedule is also enticing. Strong expansion candidates in the U.S. and Canada are ready... The New York Times is teaming up with Google again to give away Google Cardboard, the virtual reality headsets, but this time only to its "most loyal" digital subscribers. The company said that the digital-only subscribers selected for this distribution were chosen based on the duration of their subscriptions. Oil company Exxon Mobil Corp. on Friday reported a 63 percent fall in profit for the first quarter from last year, while Chevron Corp. reported a loss for the quarter, both on lower revenues. The results were impacted by the fall in crude oil prices and weaker refining margins. However, Exxon Mobil's earnings beat analysts' estimates, while Chevron's loss was wider than their expectations.
comments powered by Disqus
Follow RTT