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.
The 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.
Private 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: Retaliation.