Digital Domain files for Chapter 11 bankruptcy

PORT ST LUCIE, FL (WFLX) - After nearly 280 people lost their jobs last Friday in Port St. Lucie, Digital Domain Media Group has now filed for bankruptcy.

The digital production company has filed for Chapter 11 bankruptcy protection and reached a deal to sell itself to a private investment firm for $15 million.

By filing for Chapter 11, the company can continue to operate while working with the court on a plan to repay creditors.

The company estimates it has about $212 million in debt.

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