Reuters: Bankruptcy News: UPDATE 1-"Titanic" effects creator Digital Domain files for bankruptcy

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UPDATE 1-"Titanic" effects creator Digital Domain files for bankruptcy Sep 11th 2012, 09:48 Tue Sep 11, 2012 5:48am EDT Sept 11 (Reuters) - 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 $214.9 million and total assets of $205.0 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. Chairman and Chief Executive John Textor resigned last week. The company, which specializes in creating realistic computer-generated humans, said in June it was planning multiple virtual Elvis Presley likenesses across various platforms, including live shows, TV and online. Digital Domain started looking for strategic alternatives last month and hired Wells Fargo Securities LLC as financial adviser. The Case is in re Digital Domain Media Group Inc, Case No. 12-12568, U.S. Bankruptcy Court, District of Delaware. Link this Share this Digg this Email Reprints

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