While James Cameron has been basking in the success of 3D and all its had to offer his blockbuster hits like Avatar, and the rebooted Titanic, his film company has filed for bankruptcy. The 3D company Digital Domain Media Group Inc, otherwise known as DDMG has filed for bankruptcy and has since been purchased by a private company.
The company, which is responsible from bringing in hits such as Titanic, Transformers, Pirates of the Caribbean, TRON: Legacy, amongst others, is said to be in $200 million in debt and has filed for Chapter 11 bankruptcy protection.
The company, which is based out of St. Lucie, Florida is an award winning production company that was founded in 1993 and was once a leading service of visuals in the industry, which has since contributed to more than 90 major motion pictures and hundreds of commercials. The company also lent a hand to creating the virtual hologram of Tupac Shakur for Dr. Dre’s performance at Coachella Valley Music Festival.
Unfortunately because of the bankruptcy the Florida building will be closing, and more than 250 employees have felt the after effects with lay offs. No word on what James Cameron will do to rejuvenate all that’s been lost, or if he will replace the lost jobs in the company. However, it seems as though he’s still hellbent to make a bunch of Avatar sequels, so that at least seems promising depending on how you look at it.
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