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Relativity Creditors to Get TV Assets for $125 Million Debt Cut

Sale agreement comes after failed auction for entire company; Deal must be approve by judge overseeing company bankruptcy

Ryan Kavanaugh

 

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.

Read the full story at Bloomberg, by Steven Church

 

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