Bankrupt Digital Domain (DDMGQ.PK) has sold its Venice, CA and Vancouver studios to a JV owned by China's Galloping Horse and India's Reliance MediaWorks for $30.2M through a bankruptcy option. The JV's offer is more than twice the size of an earlier bid from P-E firm Searchlight Capital. Digital Domain closed with a market cap of $11.8M on Friday, but bondholders will get first dibs at the company's assets.
More on Digital Domain (DDMG) bankruptcy: The company agrees to sell its main operating unit, Digital Domain Productions, to P-E firm Searchlight for $15M, although the deal is subject to other bids. Senior noteholders, led by Hudson Bay, will provide DDMG with up to $20M in debtor-in-possession financing. (PR)
Digital Domain (DDMG) files for bankruptcy protection after last week defaulting on debt repayments of $35M in senior notes, and the resignation of Chairman and CEO John Textor. The company, whose founders include James Cameron and which produced the special effects for "Titanic," has total debt of $214.M and assets of $205M.
Digital Domain (DDMG -5.3%), crushed on Wednesday after defaulting on its debt, is unveiling a major restructuring. Chairman/CEO John Textor has resigned from all positions with the company, and DDMG plans to shut down its Port St. Lucie, FL special-effects studio, which only in June got a very favorable newspaper write-up. The company's California and Vancouver studios will keep running.
Digital Domain (DDMG -30.5%) crashes below $1 after disclosing it has defaulted on debt payments for $35M worth of senior notes. The company announced this afternoon that its creditors agreed not to pursue legal action for the time being, but that only gave a slight lift to shares. DDMG adds it continues to evaluate strategic alternatives, including a debt refinancing deal and an offer for a "significant equity investment" in a subsidiary. (previous)
Animation services firm Digital Domain (DDMG -10.4%) fell hard today in the absence of major news. This afternoon, the company announced an erroneous 400K-share trade was posted and subsequently removed from the tape, but that a 391.5K-share trade actually happened. Nearly a million DDMG shares were traded today, more than 4x the daily average. CEO John Textor recently disclosed he's thinking of buying the company, in light of its plunging stock price.
Digital Domain (DDMG +12.7%) jumps in mid-day trading after announcing it will work with i-banks and advisers to pursue "strategic and financial alternatives." Options mentioned by the digital animation services firm include JVs, asset sales, minority investments, and a full-blown sale of the company. (PR)
Shares of microcap Digital Domain Media Group (DDMG) rip a 13.9% gain after a beyond-the-grave performance generated by a hologram of rapper Tupac creates a buzz over the technology used to produce the effects. Trading volume on DDMG is already 5X normal daily activity.