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Digital Domain Media Group Case Converted

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The U.S. Bankruptcy Court issued an order converting Digital Domain Media Group’s Chapter 11 reorganization cases to liquidation under Chapter 7.

The Court order states, “The Debtors shall transfer to the DIP Agent (on behalf of the DIP Lenders) all cash collateral held in the Debtors’ accounts, all cash collateral held in any trust accounts of the Debtors’ professionals, except for (a) the $25,000 carve out budgeted for the chapter 7 trustee, and (b) the amount budgeted for Debtor Professional Fees (including the $12,500 post-conversion reserve budgeted for post-conversion date services rendered by the Debtors’ professionals) pursuant to the Approved Budget.”

This digital visual effects producer filed for Chapter protection on September 11, 2012, listing $198 million in pre-petition assets. Read more bankruptcy news.

 

The post Digital Domain Media Group Case Converted appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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