Special effects company is struggling with debts of over $200 million
Digital Domain, the makers of the infamous Tupac hologram, have filed for bankruptcy.
The company, whose founders include Avatar director James Cameron, has suspended trading on its shares and asked for bankruptcy protection yesterday (September 11).
Digital Domain, which only became a public limited company in November, filed the order with debts of $214 million (£133 million) and shares valued at $0.55 (34p), compared to the price of $9.20 (£5.72) when they floated.
The company also worked as a special effects agency for several Hollywood studios and contributed work to the likes of Pirates Of The Caribbean, Transformers and Titanic. It also won an Oscar for its work on The Curious Case Of Benjamin Button.
According to CNN, the company had hoped that it would be able to secure lucrative new business from making high-profile holograms and receiving a percentage of the ticket sales from their live tours, but has been unable to shift its burden of debt.
The company had previously said that it was planning to resurrect Elvis Presley in a similar manner to their Tupac hologram, which made its only appearances at this year’s Coachella Festival. Click below to watch it in action.