MUMBAI: Digital Domain Media Group Inc, the production
outfit of Titanic director James Cameron has filed for
bankruptcy protection and will be selling its operating
business to a private investor for $15 million.
company, which won Academy Awards for Titanic and has
given special effects in films like Transformers and
Pirates Of The Caribbean, filed for bankruptcy protection
in the US bankruptcy court along with a Canadian court.
With operations in Florida, California, Canada, India,
China and Abu Dhabi, the company has assets of $205
million and debt of $214 million in Chapter 11 papers
filed by the company.
investment firm Searchlight Capital Partners has agreed
to pay $15 million for Digital Domain Productions, the
key operation outfit of Digital Domain Media Group.
Currently there are three films in its pipeline that
includes Ender's Game, The Giant Killer and G.I. Joe: