Conditional DIP Package Buoys 'Titanic' Effects Firm

Law360, Wilmington (September 12, 2012, 10:56 PM EDT) -- A Delaware bankruptcy judge Wednesday gave his conditional and reluctant approval to an expedited auction of Digital Domain Media Group Inc. after the cash-strapped special-effects firm said it would be forced to liquidate without the debtor-in-possession financing tied to that timetable.

The Oscar-winning creator of digital effects for movies such as “Titanic” entered Chapter 11 on Tuesday with a $20 million DIP package and $15 million stalking horse bid in place, both contingent on a Sept. 24 sale hearing, a process U.S. Bankruptcy Judge Brendan L....
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