Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

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

Ani­ma­tion com­pany Digital Domain Media Group Inc. (DDMG: Quote) 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.

Click here to receive FREE breaking news email alerts for Digital Domain Media Group, Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
The Chinese economy logged its weakest expansion since early 2009 in the third quarter as slowdown in investment, particularly in the property sector, continued to drag the recovery. Gross domestic product grew 7.3 percent in the third quarter from a year ago, slower than the 7.5 percent expansion seen a quarter ago, the National Bureau of Statistics reported Tuesday. Apple Inc. said Monday that its fourth quarter profit rose 13% from last year, driven by strong sales of its iPhones and Mac computers. The company's quarterly earnings per share also came in above analysts' expectations as did its quarterly sales. At the same time, the company gave an upbeat revenue forecast for the current quarter, which includes the all important holiday season. Stocks moved notably higher over the course of the trading day on Monday, extending the strong upward move seen last Friday. The gains on the day continued the recent recovery by the markets, with the Nasdaq and the S&P 500 closing higher for the third consecutive session.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.