According to CNN reports, the company that created the hologram of Tupac Shakur that performed at this year’s Coachella festival has filed for Chapter 11 bankruptcy after going public in November. The filing by Digital Domain Media company, which had warned of long-term debt and overhead difficulties, had seen its stock price drop from a peak of $9.20 per share in May to just 55 cents Tuesday — a decrease of 94 percent. CEO John Textor resigned last week, the company closed its offices in Port St. Lucie, Florida and laid off around 320 employees.
Private investment firm Searchlight Capital Partners is planning to buy Digital Domain’s core production business for $15 million, pending approval of the bankruptcy court.
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