Tupac projection maker Digital Domain seeks bankruptcy protection
At this year’s Coachella festival, Tupac Shakur was brought back to life via image-projection technology. But now a force even stronger than death threatens his recent resurrection -- bankruptcy.
Digital Domain Media Group, the company behind the Tupac technology, said today in a press release that it had filed for Chapter 11 bankruptcy protection from its creditors.
The 20-year-old company, which went public only in November, earned international attention for its Tupac project, and had long enjoyed clout in Hollywood for its work on big-budget features such as “Titanic” and “Transformers.” It won an Oscar for its work on “The Curious Case of Benjamin Button.”
But the company’s finances have long been questioned, with debts of $214 million overtaking its assets of $205 million. Last week, CEO John Textor resigned as part of a major reorganization.
Much of the company’s work was on contract, and though it hoped the Tupac buzz would lead to a slew of touring musical projections, the planned revolution and revenue streams didn’t come quickly enough to stave off its bankruptcy filing.
Shares of the company stopped trading Tuesday at $0.55, down from May’s Coachella-timed high of $9.20.
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