A group of creditors has agreed to pay $125 million for Relativity Media’s television assets in a move that paves the way for founder Ryan Kavanaugh to gain control of part of his bankrupt company.
The collection of hedge funds includes Anchorage Capital, Luxor Capital and Falcon Investment Advisors. They initially had submitted a stalking horse bid that had been valued at $250 million. In court filings Saturday, the company’s attorneys write that they have withdrawn that offer and note that “No single or aggregate bids were received for substantially all of the Debtors’ assets and thus no bids were deemed Qualified Bids.” The three hedge funds collectively are owed more than $360 million by Relativity.
A hearing to approve their bid will take place in U.S. Bankruptcy Court on Monday afternoon.
In the meantime, Kavanaugh is still trying to lock down a winning bid for the rest of Relativity,...
The collection of hedge funds includes Anchorage Capital, Luxor Capital and Falcon Investment Advisors. They initially had submitted a stalking horse bid that had been valued at $250 million. In court filings Saturday, the company’s attorneys write that they have withdrawn that offer and note that “No single or aggregate bids were received for substantially all of the Debtors’ assets and thus no bids were deemed Qualified Bids.” The three hedge funds collectively are owed more than $360 million by Relativity.
A hearing to approve their bid will take place in U.S. Bankruptcy Court on Monday afternoon.
In the meantime, Kavanaugh is still trying to lock down a winning bid for the rest of Relativity,...
- 10/3/2015
- by Brent Lang and James Rainey
- Variety - Film News
Similar News
Pretty Little Liars: Summer School trailer: slasher series starts streaming on Max in May
- 4/19/2024
- by Cody Hamman
- JoBlo.com
'Pretty Little Liars: Summer School' Trailer Teases New Love Interests, New A & Return of Original 'Pll' Actress - Watch Now!
- 4/18/2024
- by Just Jared
- Just Jared
Blumhouse & Universal’s ‘The Woman In The Yard’ Adds Russell Hornsby
- 4/12/2024
- by Anthony D'Alessandro
- Deadline Film + TV
Ella Wahlestedt Launches Production Company Quarterlife Pictures
- 4/3/2024
- by Matt Grobar
- Deadline Film + TV
“I’m Not Going To Be Rolled Over & Squeezed”: Dana Brunetti Wallops Cavalry Media With $1M & More Breach-Of-Contract Suit
- 2/27/2024
- by Dominic Patten and Anthony D'Alessandro
- Deadline Film + TV
Ryan Kavanaugh Is Back, Ready to Dish on His Failures, Brett Ratner and a Secret Lil Tay Project
- 1/31/2024
- by Tatiana Siegel
- Variety Film + TV
Spotlight: Bradley Cooper's Charity Work
- 4/11/2024
- Look to the Stars
Neil Burger Tapped to Direct Episodes of Prime Video Drama ‘Motorheads’ (Exclusive)
- 3/28/2024
- by Borys Kit
- The Hollywood Reporter - Movie News
Austin Butler To Star In Sony’s ‘Caught Stealing’ Adaptation With Darren Aronofsky Directing
- 3/27/2024
- by Justin Kroll
- Deadline Film + TV
IMDb.com, Inc. takes no responsibility for the content or accuracy of the above news articles, Tweets, or blog posts. This content is published for the entertainment of our users only. The news articles, Tweets, and blog posts do not represent IMDb's opinions nor can we guarantee that the reporting therein is completely factual. Please visit the source responsible for the item in question to report any concerns you may have regarding content or accuracy.