Digital Domain receives winning bid of $30 mln in bankruptcy auction
Sept 24 |
Sept 24 (Reuters) - Digital Domain Media Group Inc said a joint venture led by Galloping Horse America LLC and the U.S. unit of India's Reliance MediaWorks has submitted the winning bid to acquire some of its businesses and assets for $30.2 million.
Digital Domain, a Hollywood special effects company started in 1993 by superstar director James Cameron and the late special effects guru Stan Winston, had filed for bankruptcy protection on Sept. 11.
The sale of its visual effects and some other businesses and assets is subject to execution of an asset purchase agreement and Bankruptcy Court approval, Digital Domain said in a statement.
Galloping Horse America holds 70 percent stake in the joint venture while Reliance MediaWorks holds 30 percent.
Earlier, Searchlight Capital Partners had submitted a bid of $15 million.
- Tweet this
- Share this
- Digg this