Relativity Media gets $100 million in new funding

Ryan Kavanaugh Relativity Media

 

Ryan Kavanaugh’s Relativity Media LLC financial woes might just be over. The company has claimed to have successfully completed new financing commitments in excess of $100 million, in anticipation of its emergence from chapter 11 in February 2015.

The new financing includes more than $100 million in additional commitments from current investors including Macquarie Bank; Joseph Nicholas and Kavanaugh, Atorus Investment Management LLC chief investment officer Carey Metz and new investors such as TomorrowVentures and Carat Global as well as VII Peaks Capital.

The new financing is separate from the approximately $180 million in Relativity senior debt acquired by Kavanaugh and Nicholas during the course of the company’s chapter 11 process, however it is anticipated that this debt will be converted pursuant to the plan of re-organisation.

This financing is in addition to the post emergence ultimate facility, an asset backed facility being syndicated by GHL & Company and Aperture Media Partners.

In addition, since Carat Global has agreed to extend credit to Relativity for its P&A capital,  Relativity’s debt need is much less than expected.

“With the total financing commitments now successfully in place, we remain focused on emerging from chapter 11 and moving forward with our robust slate of films and our continued evolution as a 360 degree content engine, ” said Kavanaugh.

Kavanaugh and Nicholas, will be co-managers of Relativity’s parent company,  Relativity Holdings, with a robust management and finance team to oversee the 360 vertical from film and television to branding, sports, digital and Relativity Education.

As was reported by Indiantelevision.com, earlier this month,  Relativity acquired Kevin Spacey and Dana Brunetti’s entertainment production company Trigger Street Productions. At Relativity, Spacey will become chairman of Relativity Studios and Brunetti will become president of Relativity Studios where they will oversee all film and television operations.

READ MORE: Ryan Kavanaugh

Relativity at 10 party

EXCLUSIVE: Relativity Media CEO Ryan Kavanaugh says today that he and some financial backers have amassed the resources needed to maintain control of all of his company’s operations except for television. Meanwhile,  More…

Relativity at 10 party

Supermarket magnate Ron Burkle may have joined Ryan Kavanaugh’s last-minute bid for Relativity Media’s film assets. But even that probably won’t keep Kavanaugh in charge of the bankrupt company he More…

Ryan Kavanaugh

Relativity Media CEO Ryan Kavanaugh is poised to reclaim control of his bankrupt studio with the exception of Relativity’s TV division run by Thomas Forman, individuals familiar with the proceedings More…

Ryan Kavanaugh Relativity Media

EXCLUSIVE: Relativity’s CEO Ryan Kavanaugh is still trying to pull together a group of investors to make a last-ditch offer for the company, but he is dealing in valuations that are high,  those with More…

Ryan Kavanaugh Relativity Media

Embattled Relativity Media is looking to sell the chase movie Collide to IM Global for $200, 000 and additional possible payments of up to $630, 000 in exchange for IMG dropping objections to Relativity’s More…

Ryan Kavanaugh

Relativity Media has named five top executives it wants to pay cash incentives for remaining at the bankrupt studio — but CEO and Chairman Ryan Kavanaugh is not listed among them, court papers filed More…

Relativity Media

So what exactly is going to happen to Ryan Kavanaugh’s Relativity Media now that it has declared bankruptcy? Chapter 11 is not a death sentence for a company and many, such as GM, took the opportunity More…

Ryan Kavanaugh

Relativity’s Ryan Kavanaugh, having blasted the lawsuit against him last night, is now lashing out again in a statement just released by him today. Kavanaugh confirmed yesterday’s Deadline story that More…

Read more about: , ,

Wordpress site Developed by Fixing WordPress Problems