Digital Domain, the company behind the controversial Coachella “performance,” has gone bankrupt.
The nearly 20-year-old company, which worked on special effects for films before creating its headline-grabbing hologram of Tupac, had gone public in November. Director James Cameron was one of the company’s founders.
Digital Domain filed for Chapter 11 bankruptcy protection, after stocks tumbled to 55 cents, down 94% from its peak in May. The company had warned of problems with overhead and long-term debt, so the filing is not a surprise.
Those who found the Tupac hologram distasteful shouldn’t cheer yet, though: pending court approval, a private investment firm will buy Digital Domain’s core production business for $15 million. [via CNN]