The Wall Street Journal has reported that U.S. Bankruptcy Judge Brendan L. Shannon of the U.S. Bankruptcy Court in the District of Delaware has approved the sale of Digital Domain Media Group’s assets to a joint venture, led by Galloping Horse America, in partnership with Reliance MediaWorks (USA), for $30.2 million.
The assets sold to the JV include the company’s visual effects, commercial production and virtual performance businesses. The JV will also retain the studios in California and Vancouver, a production stake in a movie due to be released in 2013, the article said.
Judge Shannon said he would approve the asset sale, but did say he felt “regret” that the two-week sale process was so fast. According to WSJ, the company’s lenders, which are led by Hudson Bay Master Fund, negotiated a quick sale in return for DIP financing.
To read The Wall Street Journal article in its entirety, click here.
Previously on abfjournal.com: