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Former Digital Domain Media wins approval of asset sale procedures
By Caroline Salls
Pittsburgh, Nov. 8 - DDMG Estate, formerly Digital Domain Media Group, Inc., received court approval of the bid procedures for separate sales of assets, according to a Thursday filing with the U.S. Bankruptcy Court for the District of Delaware.
Specifically, the company said in the bid procedures motion that it wants to offer for sale its rights and interests in works, including the Legend of Tembo, the Art Project, Birds of a Feather, and the Lightning Catcher, as well as related assets and intellectual property rights; its rights and interests in Tradition Studios; its rights and interests in Digital Domain Institute; its In-Three intellectual property assets related to the conversion of two-dimensional artwork to three-dimensional artwork; and all remaining fixed assets owned by Digital Domain Media Group, Inc. and other Florida debtors.
Bids for each category of assets are due by 4 p.m. ET on Nov. 26.
Bidders must be able to close their sales by Dec. 10 and cannot request any break-up fee or overbid fee.
However, DDMG said it will have the discretion to designate a stalking horse bidder and to grant that bidder protections in the form of an up to 3% break-up fee and reimbursement of up to $250,000 in sale-related expenses.
All bids must include a deposit of 10% of the proposed purchase price.
The auctions for each category of assets will begin on Nov. 28. The sale hearing is scheduled for Dec. 4.
Digital Domain, a Port St. Lucie, Fla.-based media company, filed for bankruptcy in the U.S. Bankruptcy Court for the District of Delaware on Sept. 11. The Chapter 11 case number is 12-12568.
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