Company Digital Domain Media Group (DDMG), best known for her studio Digital Domain, which created special effects for many famous films, filed for bankruptcy.
The fact is that today the company's debts have reached almost 215 million US dollars, while its assets do not exceed 203 million. As a result, DDMG was unable to make payments on the bonds and is asking the court to protect it from creditors.
It was decided that DDMG would have to provide detailed restructuring plans within 120 days.
It is already known that in order to reduce costs, it was decided to close some units and dismiss the employees who worked in them. However, the latter will not remain without work for a long time - DDMG competitors have already announced their intention to take the dismissed specialists to their place.
News of the impending bankruptcy proceedings caused DDMG's share price to drop to $0.50 per share.