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 In court filings Saturday, the company’s attorneys write that they have withdrawn that offer and note that “No single or aggregate bids were received for substantially all of the Debtors’ assets and thus no bids were deemed Qualified Bids.”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 In court filings Saturday, the company’s attorneys write that they have withdrawn that offer and note that “No single or aggregate bids were received for substantially all of the Debtors’ assets and thus no bids were deemed Qualified Bids.”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
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