The digital production company that created the visual effects for Titanic has filed for Chapter 11 bankruptcy less than a year after going public. The company, Digital Domain Media Group, Inc., was founded in part by James Cameron, director of the Titanic.
The company has agreed to sell the core of its business for $15 million to a private investment company. Digital Domain also did the effects for box office hits including Transformer series, and it most recently presented the Tupac Shakur hologram at this year’s Coachella festival.
According to court documents, the company stated that it was low on capital and did not have any ideas on how to generate more. It also stated that it did not have enough money to restructure its debt while keeping up with expenses associated with operating the business. The company listed assets of $205 million and liabilities at almost $215 million as of June 30th of this year.
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