Digital Domain receives an extension on $35 million in loans

Release time：2012-10-16
Browse：4251

Digital Domain Media Group announced Wednesday it received an extension on $35 million in loans.
The company has an undisclosed amount of time to finalize a deal that would satisfy its lenders, led by Tenor Capital, according to a news release. The lenders must give Digital Domain 48 hours notice if they revoke the extension, the release says.
The Tradition-based digital special effects and animation company made news Tuesday by disclosing in a Securities and Exchange Commission filing that it had defaulted on its six loans, triggering a spike in the loans to $51 million. Digital Domain did not miss a payment, but rather did not have enough cash on hand to satisfy the terms of the loans.

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