Firms from China, India team up in joint venture<\/p>\n
Updated: 5:43 PM EDT Sep 24, 2012<\/p>\n
WEST PALM BEACH, Fla. \u2014
\nThe bankrupt digital production company founded by director James Cameron is getting sold to a joint venture formed between a Chinese media company and an Indian counterpart for $30.2 million.
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\nA U.S. subsidiary of Beijing Galloping Horse Film & TV Co. and Mumbai-based Reliance MediaWorks teamed up to outbid other companies in a bankruptcy court auction Friday. The deal was announced by the companies Sunday night.<\/p>\n
It’s been a busy month for the erstwhile animation giant. Digital Domain laid off about 300 workers at its Port St. Lucie location, then filed for Chapter 11 bankruptcy protection days later.<\/p>\n
Digital Domain, best known for its work on Cameron’s \u00abTitanic,\u00bb has produced visual effects for more than 90 movies, including \u00abPirates of the Caribbean: At World’s End\u00bb and the \u00abTransformers\u00bb series.<\/p>\n
Although Digital Domain is being sold, its Florida assets are still under the control of a bankruptcy court, WPBF 25 News’ Terri Parker reported. That includes the land that was given to the company by the city of West Palm Beach to build a film school in partnership with Florida State University.<\/p>\n
\u00abOur No. 1 priority is to protect the investment that the city made, protect the land, that’s involved in this deal,\u00bb city spokesman Elliot Cohen said.<\/p>\n
Getting the land back may not be so simple, bankruptcy attorney Jeffrey Harrington said, because Digital Domain mortgaged the land for $2 million before it declared for bankruptcy.<\/strong><\/p>\n \u00abWell, that’s too bad, because when it comes to real property, it’s a different situation, \u00bb Harrington said. \u00abIt’s secured debt, and the secured creditors are going to be in a stronger position. So whatever lender … (gave) the mortgage on the land, obviously, is going to want to foreclose now on that property.\u00bb<\/strong><\/p>\n Click here for more Harrington Law in the News<\/a>.<\/p>\n