Digital Domain's woes deepen

Release time：2012-10-15
Browse：4015

Digital Domain Media Group, the parent company of visual effects studio Digital Domain said Tuesday it has defaulted on payment obligations and is in two sets of talks, with a lender, and a strategic partner, to emerge from financial crisis.
In an SEC filing, the company said it appointed Michael Katzenstein interim chief operating officer reporting to a new special board committee. Katzenstein is a senior managing director of FTI Consulting.

Troubled Digital Domain has been unraveling this summer as it failed to meet certain debt covenants with lenders, and was ultimately given a month to restructure its debt. With no agreement in place by late August, lenders cried default and demanded full repayment of principal and interest of about $55 million.

The company said it's continuing to talk with holders of its senior notes for an extended forbearance arrangement as it explores refinancing all or a portion of its debt.

"There can be no assurance that the company will be successful in its attempt to secure extended forbearance agreements," it said, which means lenders could ultimately opt to foreclose.

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