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Galloping Horse America and Reliance MediaWorks Ltd's Reliance MediaWorks Jointly Submit Winning Bid to Acquire Assets of Digital Domain Media Group Inc and Mothership in Bankruptcy Auction


Sunday, 23 Sep 2012 08:31pm EDT 

Digital Domain Media Group Inc announced that a joint venture, led by Galloping Horse America, LLC (Galloping Horse), in partnership with Reliance MediaWorks (USA), Inc., (Galloping Horse – Reliance) submitted the winning bid to acquire the visual effects, Mothership Media (Mothership) and certain other businesses and assets of Digital Domain Productions, Inc. (Digital Domain) and subsidiaries for $30.2 million at a September 21, 2012 auction in New York. The sale is subject to execution of an asset purchase agreement and Bankruptcy Court (Court) approval, the hearing for which is currently scheduled for, September 24, 2012. Galloping Horse—Reliance will acquire all assets constituting the businesses of Digital Domain and Mothership -- feature film and advertising visual effects, commercial production and virtual humans, studios in California and Vancouver, BC, Canada and a co-production stake in the feature film Ender’s Game. Pursuant to section 363 of the Bankruptcy Code, Galloping Horse – Reliance will acquire these assets free and clear of all claims and encumbrances, with the proceeds going to the bankruptcy estate. The businesses will continue to operate in the normal course of business, with the joint venture assuming ownership upon Court approval. 

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24 Jul 2014