Likely to Stay in the Film Industry
Earlier today Digital Domain filed for Chapter 11 bankruptcy with $14 million in debt and $50.7 million in losses through June 30. The company stated it will sell most of the company’s assets to Searchlight Capital Partners for $15 million and that Hudson Bay Master Fund would provide $20 million in debtor-in-possession financing. Digital Domain is likely to stay in the film business. The company is responsible for some of the costs of the “$100 million film Harrison Ford futuristic film ‘Ender’s Game’” As of June 30, it had paid $17.2 million toward the production of Ender’s Game.
It’s interesting to note that this is the first time the Ender’s Game budget has been referenced in full: $100 million. The Ender’s Game movie will be released November 1, 2013.
UPDATE: Searchlight Capital was not approved to buy Digital Domain’s assets. Digital Domain will go to auction on September 21. Click here for more details.