Two weeks ago, we told you about the bankruptcy of Digital Domain Media Group Inc., the entertainment company responsible for the visual effects in the films Titanic and Transformers.
Last week, a Delaware bankruptcy judge approved the sale of the digital production company. Digital Domain Media will now be controlled by a joint venture between a Chinese and Indian media companies. The company filed for Chapter 11 bankruptcy after several high-profile projects failed, including an animation studio in Florida. Court documents indicate that the company had assets of $205 million and liabilities of $214 million at the time of its filing.
Through the Chapter 11 bankruptcy, Digital Domain Media was able to retain control of its day to day operations while looking for potential buyers. Last week several potential buyers for the company were rumored, before a partnership between Beijing Galloping Horse Film & TV Co. and Mumbai-based Reliance MediaWorks submitted a winning bid of $30.2 million, according to the Washington Post.
Like a Chapter 7 or Chapter 13 bankruptcy, Chapter 11 bankruptcy provides an automatic stay from creditors and stops foreclosures, lawsuits and the repossession of business property.
Much like Digital Domain Media, if you’re struggling financially our Washington DC and Maryland bankruptcy attorney can help you with a free consultation if you fill out the contact form on this website or call (202) 888-8454 to schedule an appointment. We can offer you the best solution for whatever your debt issues may be.
