Speedy Sale Needed to Keep Potential Blockbusters on Target
A judge has not approved of Digital Domain’s sale to Searchlight Capital and has instead set an interim for a fast Chapter 11 bankruptcy sale for September 21. Searchlight Capital will presumably start off the auction with an initial bid of $15 million for the majority of the company. Digital Domain Chief Executive, Ed Ulbrich, testified that he has talked to eight or ten buyers in recent days and the company’s chief restructuring officer, Michael Katzenstein, told the court 20 parties had signed confidentiality agreements.
Digital Domain’s legal team said the speedy schedule was driven by the need to keep potential blockbusters on carefully planned release dates. ”The studios are freaking out,” Feinstein, the company’s attorney, told the court.
Digital Domain is the special effects company for Ender’s Game. The Ender’s Game movie still has a planned release date of November 1, 2013.