PORT ST. LUCIE, Fla. (AP) — The digital production company founded by director James Cameron has filed for Chapter 11 bankruptcy protection and reached a deal to sell its operating business to a private investment firm for $15 million.
Digital Domain Media Group Inc., best known for its work on Cameron's "Titanic," filed in the U.S. Bankruptcy Court for the District of Delaware, along with a Canadian court, the company said Tuesday.
The sale agreement with Searchlight Capital Partners LP includes the company's operating subsidiaries in the U.S. and Canada. It must be approved by the court.
The Port St. Lucie, Fla., company has studios in California and Canada that create digital visual effects, animation and digital production for the entertainment and advertising industries.
Apart from its work on "Titanic," Digital Domain had produced visual effects for "Pirates of the Caribbean: At World's End" and the "Transformers" movies.