Digital Domain Media Group - the company behind the Tupac Shakur hologram that debuted at Coachella festival in April - filed for bankruptcy protection on Tuesday.

After filing for Chapter 11 bankruptcy protection from its creditors, shares were halted on Tuesday but last traded at 55 cents, down 94% from a peak of $9.20 in May.

Private investment firm Searchlight Capital Partners will buy Digital Domain's core production business for $15 million, pending court approval.

Before its Tupac tricks, Digital ...