Last week, Digital Domain Media Group Inc., the entertainment company responsible for the visual effects in the films Titanic and Transformers, has filed Chapter 11 bankruptcy.
According to reports, the company was struggling after a series of failed projects including an animation studio in Florida. Court documents indicate that Digital Domain Media Group has assets of $205 million and liabilities of $214 million.
The Los Angeles Times reports that the bankruptcy filing will not affect its visual media effects business, which recently reached a deal with Searchlight Capital Partners to sell Digital Domain Productions Inc., the subsidiary responsible for its movie-making ventures.
A Chapter 11 allows a company to reorganize its finances and restructure itself with oversight from the court. 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 a business, 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) 483-6070 to schedule an appointment. We can offer you the best solution for whatever your debt issues may be.
