BEVERLY HILLS, Calif., Jan. 8, 2016 /PRNewswire/ -- Relativity Media LLC ("Relativity") today announced that the Official Committee of Unsecured Creditors (the "Committee") has filed an objection to FTI's claims for payment, citing, among other things, an investigation by a special committee of Relativity's board of directors and the fact that the Committee has not had an opportunity to conduct its own inquiry.
Specifically, Relativity charged that FTI executed several business decisions without obtaining appropriate advice and consent from Relativity's board of directors, including passing on an offer for the sale of the company's fashion division and various employment decisions, among other matters. The Committee argued that FTI's request for payment is an "unnecessary distraction," and all parties should remain "focused on...confirmation" of Relativity's plan of reorganization.
"From the very beginning of Relativity's reorganization, the Committee has been a strong supporter of Relativity's efforts to reorganize, watching our back to ensure that no party could be successful in pursuing actions that would threaten the company. I am deeply grateful for their ongoing support," said Ryan Kavanaugh, Chairman and CEO, Relativity. "We look forward to continuing to work with the Committee to emerge from Chapter 11 on a timely basis and not allowing any party to utilize the bankruptcy process to leverage the company for their own benefit."
The Committee also recently formally stated its support for Relativity's plan of reorganization and recommended that all unsecured creditors vote to accept the plan. A court hearing to consider confirmation of the Plan is scheduled for February 1, 2016.
Additional information related to the proposed sale transaction and Relativity's Chapter 11 filing is available on the Company's website at www.relativitymedia.com/reorganization. Court filings and information about the claims process are available on a dedicated website administered by the Company's claims agent, Donlin Recano & Company, at www.donlinrecano.com/relativity.
Relativity (relativitymedia.com) is a next-generation global media company engaged in multiple aspects of content production and distribution, including movies, scripted television, sports, digital and music. More than just a collection of entertainment-related businesses, Relativity is a content engine with the ability to leverage each of these business units, independently and together, to create content across all mediums, giving consumers what they want, when they want it.
Relativity Studios, the company's largest division, has produced, distributed or structured financing for more than 200 motion pictures, generating more than $17 billion in worldwide box-office revenue and earning 60 Oscar nominations. Relativity's films include Oculus, Safe Haven, Act of Valor, Immortals, Limitless, and The Fighter.
SOURCE Relativity Media LLC