"Titanic" director James Cameron's production company, Digital Domain Media Group Inc, has filed for bankruptcy protection and will be selling its operating business to a private investor for USD 15 million.
The company, which won Academy Awards for blockbuster film "Titanic" and has given special effects in movies like "Transformers" and "Pirates Of The Caribbean", filed in the US bankruptcy court along with a Canadian court.
With operations in Florida, California, Canada, India, China and Abu Dhabi the company, cited assets of USD 205 million and debt of USD 214 million in Chapter 11 papers filed, reported Deadline. Private investment firm Searchlight Capital Partners has agreed to pay USD 15 million for Digital Domain Productions the key operation at Digital Domain Media Group.
The company in court papers asked a judge to approve as much as USD 20 million in financing to carry it through reorganization. Currently there are three films in its pipeline including "Ender's Game", "The Giant Killer" and "G.I. Joe: Retaliation".
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