Digital Domain Media Group Inc., the company responsible for special effects in the “Transformers” films and James Cameron’s “Titanic,” began a restructuring that it said may lead to a bankruptcy filing.

John Textor, chairman and chief executive officer, resigned and will be replaced by Ed Ulbrich, a longtime executive. The company, co-founded by Cameron and part owned by football star Dan Marino as of last year, needs to restructure its debt and cut overhead, according to a statement today. The company went public last November, selling 4.92 million shares at $8.50 each in an offering led by Roth Capital Partners Inc.