Former Digital Domain granted 120-day extension of exclusive periods

By Jim Witters'

Wilmington, Del., Aug. 2 - DDMG Estate, formerly Digital Domain Media Group, Inc., received approval for a 120-day extension of its exclusive periods for filing a Chapter 11 plan and for soliciting acceptances, according to an Aug. 2 filing with the U.S. Bankruptcy Court for the District of Delaware.

The exclusive period for filing a plan is extended through Nov. 5 from July 8. The exclusive period for soliciting plan acceptances is extended through Jan. 2 from Sept. 3.

In seeking the additional time, the company said it needs the additional time because the cases are "complex, involving, among other things, contested sales of ongoing business units in the United States and Canada, the resolution of disputed intellectual property rights, and contentious global settlements among various interested parties."

As a result of the sale of substantially all of its assets, "the debtors have been reduced to a liquidating shell company and are working with, among other parties, the (official) committee (of unsecured creditors), to investigate various potential causes of actions that are property of the estate," the company said in its request.

Digital Domain is a Port St. Lucie, Fla.-based media company. The company filed for bankruptcy on Sept. 11, 2012. The Chapter 11 case number is 12-12568.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.