Email List
 

CHILD INSIDE ARCADE MACHINEBOSTON MARATHON EVACUATIONTEACHER DUIBLOOD MOON ECLIPSESUN SENTINEL
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

Treasure Coast News Stories

Advertise with us!

 
  • WPEC :: News - Your Voice. Your Future.

    Your Voice. Your Future.

    As the country faces challenges from federal budget issues to jobs and national debt, your voice is critical to the future.
  • WPEC :: News - Around the Web

    Around the Web

     Catch up on the latest trending news and viral videos on the web.
  • WPEC :: News - Palm Beach International Film Festival

    Palm Beach International Film Festival

    News and Interviews with film directors featured during the PBIFF
  • WPEC :: News - South Florida Business Report

    South Florida Business Report



  • WPEC :: News - The Dwyer Awards

    The Dwyer Awards

    The William T. Dwyer Awards for Excellence in Education honors outstanding educators from public and private schools in Palm Beach County.


  • WPEC :: News - Fugitive Friday

    Fugitive Friday



  • WPEC :: News - Health & Wellness Experience

    Health & Wellness Experience

    CBS 12 and The Sun Sentinel are proud to present the first annual Health and Wellness Experience in partnership with Adcahb.
  • WPEC :: News - Outlets Special Coverage

    Outlets Special Coverage

    Continuing special coverage on the grand opening of the Palm Beach Outlets on Feb. 14
  • WPEC :: News - Special Report

    Special Report

    Indepth coverage from CBS 12 News team of stories that matter to you.
  • WPEC :: News - Wall of Justice

    Wall of Justice

    WPEC CBS 12 News turns its focus to crime in South Florida with weekly Most Wanted features and feedback sessions with Palm Beach County Sheriff Ric Bradshaw. Watch the latest segments Mondays at 5 p.m. ...
  • WPEC :: News - Sheriff 9-1-1

    Sheriff 9-1-1

    Palm Beach County Sheriff Ric Bradshaw and CBS 12 News team up to offer you a way to directly address your concerns about crime and law enforcement in Palm Beach County.

  • WPEC :: News - Road Trippin

    Road Trippin

    Come Road Trippin' with us!
  • WPEC :: News - In Your Corner

    In Your Corner

    CBS12 News has Florida Gov. Rick Scott "In Your Corner," answering your questions. Ask a question in the Facebook commenting window below or email it to newstips@cbs12.com.
  • WPEC :: News - Extraordinary People

    Extraordinary People



  • WPEC :: News - Health Care Reform

    Health Care Reform

    The Supreme Court ruling to uphold the Affordable Care Act sparked a new battle. Check here daily for the latest developments, locally and across the country.
  • WPEC :: News - Trending with Tracy

    Trending with Tracy

    Tracy St. George, a South Florida DJ for WRMF, delivers the hottest celebrity news weekly on CBS12's Trending with Tracy.

  • WPEC :: News - CBS12 Dolphins Extra

    CBS12 Dolphins Extra

    Get the inside scoop on the Miami Dolphins with CBS12's Josh Samuels and Pat Murphy.
  • WPEC :: News - Wednesday's Weather Kid

    Wednesday's Weather Kid

    Welcome to Wednesday's Weather Kid on CBS12's Good Morning South Florida! Here we let middle schoolers produce a "bus stop forecast" each Wednesday. Contact Robin Cross at rcross@cbs12.com for info on ...
  • WPEC :: News - Washington Times

    Washington Times

    Politics, Breaking News, US and World News.
  • WPEC :: News - Waste Watch

    Waste Watch

    How are your tax dollars being spent? Waste Watch tracks whether local, state and federal governments or any groups are using your money wisely...or wasting it.
  • WPEC :: News - Top Stories

    Top Stories

    Get up to the minute information from South Florida and the Treasure Coast in our Top Stories section!
  • WPEC :: News - Newscast Links

    Newscast Links

    Get links and contact information from items mentioned in our newscasts!
  • WPEC :: News - Tech-Xperts

    Tech-Xperts

    Get tips and advice on everything tech related, from smartphones, gadgets and online security to Twitter topics and Facebook news and tips!
  • WPEC :: News - News Tips

    News Tips

    Do you have a lead on a good news tip or want to share a story idea? Let us know!
  • WPEC :: News - Raw News

    Raw News

    See the news as it happened, raw and unedited!
  • WPEC :: News - CBS 12 News LIVE Stream

    CBS 12 News LIVE Stream

    Watch LIVE CBS 12 newscasts and breaking news as it happens here!
  • WPEC :: News - Traffic Links

    Traffic Links

    Get links and information on traffic conditions, rail information and arrival and departure information for PBIA, MIA and FLL!
  • WPEC :: News - PBC Mugshot Roundup

    PBC Mugshot Roundup

    View a selection of mugshots from the Palm Beach County Jail's portrait studio, via a publicly available online booking search.
  • WPEC :: News - Sex Offender Mapping

    Sex Offender Mapping

    Search for any registered sexual offender or predator within a 5-mile radius of your home!
  • WPEC :: News - Product Recalls

    Product Recalls

    Get the latest recalls on autos, child safety seats, consumer products and FDA food and drugs recalls!
  • WPEC :: News - Forever Family

    Forever Family

    Watch videos and read stories of local people and families in need!
  • WPEC :: News - Live Feed

    Live Feed

    Watch the CBS News Live Feed for news stories as they happen!
  • WPEC :: News - National and World News

    National and World News

    Get the latest headlines from across the nation and around the world.
  • WPEC :: News - Pet of the Day

    Pet of the Day

    Watch our "Pet of the Day" videos for adorable pets that need a loving home!
  • WPEC :: News - Pump Patrol

    Pump Patrol

    Find the lowest gas prices in West Palm Beach, get fuel saving tips, price trends and check out nationwide gas price averages!

more »

Tonight on CBS12

8 PM -- NCIS

9 PM -- NCIS: Los Angeles

10 PM -- Person of Interest
Complete Schedule»