Ryan Kavanaugh’s Relativity Media LLC, the bankrupt maker of films including The Fighter and Act of Valor, agreed to turn over its television business to a group of lenders in exchange for cutting $125 million in debt, the company said in a court filing.
Relativity reached the deal after no other bidders offered to buy the entire company at an auction, which had a starting bid of $250 million. The lenders had originally agreed to make a so-called credit bid.
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Read the full story at Bloomberg, by Steven Church
