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Movie effects creator Digital Domain files for bankruptcy
- Middle East: Wednesday, September 12 - 2012 at 15:43
Digital Domain Media Group Inc., the Academy Awards for visual effects in films including "Titanic," has filed for bankruptcy protection and said its production business would be sold, Reuters has reported. Digital Domain went into Chapter 11 bankruptcy, just 10 months after its initial public offering, with the company's market value tumbling from a peak of $400m in May. The firm said it agreed to sell its production business, the bulk of the company, for $15m to private equity fund Searchlight Capital Partners. Last May, the company announced plans at Cannes Film Festival to set up an animation, visual effects and motion capture studio, as well as a media school in twofour54, Abu Dhabi.
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