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May 28, 2017

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Academy Award-winning special FX firm files for bankruptcy protection

Digital Domain Media Group Inc., an Academy Award-winning company that produced special effects for films including "Titanic," filed for Chapter 11 bankruptcy protection early on Tuesday, days after it warned that it may need to access additional sources of cash.

Digital Domain, whose founders include "Titanic" director James Cameron, listed total debt of US$214.9 million and total assets of US$205 million, court documents showed.

Digital Domain has worked on more than 90 major motion pictures, including "Pirates of the Caribbean: At World's End," "Transformers," "The Curious Case of Benjamin Button," "Star Trek" and "X-Men: First Class," and has won several Oscars.

The company had warned investors that an inability to quickly access additional sources of cash would require it to seek protection from creditors.

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