BEVERLY HILLS, Calif., Jan. 26, 2016 /PRNewswire/ -- Relativity Media LLC ("Relativity") today announced it has received votes from the overwhelming percentage of its unsecured creditors to accept the Company's Plan of Reorganization ("Plan"), paving the way for its emergence from chapter 11. The Plan, which will result in recoveries to the Company's general unsecured creditors, moves the Company one step closer to confirmation of the Plan.
"We are pleased to have received these supportive votes from our creditor groups, which we believe paves the way for our emergence from chapter 11 on February 1," said Ryan Kavanaugh, Chairman and CEO, Relativity. "We have been working productively with our unsecured creditors, and we would like to thank them for their ongoing support. Additionally, we have had many positive developments in recent days and look forward to executing our strategy as a fully integrated 360 degree content engine."
The overwhelming percentage of the Company's unsecured creditors voted to accept the Plan of Reorganization. A court hearing to consider confirmation of the Plan is scheduled for February 1, 2016. This release is not intended as a solicitation for a vote on the Plan.
Earlier this month, Relativity announced that it acquired Trigger Street Productions, the entertainment production company owned and operated by Kevin Spacey and Dana Brunetti. At Relativity, Mr. Spacey will become Chairman of Relativity Studios and Mr. Brunetti will become President of Relativity Studios where they will oversee all film and television operations.
Relativity Studios is the largest privately held, independent film studio with several movies scheduled to release this year including The Disappointments Room, Before I Wake, Kidnap, Masterminds and Strangers 2. The studio 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 Studios' films include Immortals, Limitless, The Fighter, Act of Valor and Safe Haven.
Additional information related to Relativity's Chapter 11 filing, including 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.
SOURCE Relativity Media LLC