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WPEC-TV CBS12 News :: News - Treasure Coast News - 'Digital Domain' defaults on $35M loan

'Digital Domain' defaults on $35M loan

PORT ST. LUCIE, Fla -- Since the announcement of their arrival it set abuzz a new industry in the region. On Tuesday the stock tanked with news of financial instability.
Digital Domain became the reason more than 500 employees came here to Port St. Lucie from all over the world to work in the state of the art special effects and digital animation field. The news Digital Domain defaulted on payment of a $35 million loan and may seek bankruptcy protection is hard for many here to swallow.
In a filing with the SEC Digital Domain says it must now pay $51 million to its creditors.
Digital Domain media group got $132 million in incentives from the city of Port St Lucie and the state and built a 115 thousand square foot studio in Tradition, a building they moved into in January.
In return they promised to hire 500 employees by 2014 and were on mark to do so and much more with a new animated full length feature soon to be released.
Tradition residents say they've been watching the stock price fall and its making them nervous.
Corinne Rea a Tradition Homeowner says, "they brought in a lot of jobs that paid a lot more, and also a lot of home sales and it’d be really sad to see them go and leave a huge vacant space in St. Lucie west and Tradition.”
Jeremy LaBianca a Port St. Lucie taxpayer says, "Digital Domain they are important. What do they employ? They employ 500 people, that's a lot."
Digital Domain discloses its Financial Instability in the Securities and Exchange report released Tuesday stating "the Company has been operating, and continues to operate, with substantial negative working capital. An inability to quickly access additional sources of liquidity to fund the Company's current operating cash needs would materially adversely affect its financial condition and would require it to seek relief or protection from its creditors,"
The company says they are not discussing filing for bankruptcy. 'Digital Domain' defaults on $35M loan

Saturday, August 3 2013, 05:33 PM EDT

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