BEVERLY HILLS, Calif. and NEW YORK, July 31, 2015 /PRNewswire/ -- Relativity Media LLC ("Relativity") today announced that the U.S. Bankruptcy Court for the Southern District of New York (the "Court") has entered orders approving the Company's First Day Motions to allow Relativity to maintain its business operations throughout the confirmation process.
The Court authorized Relativity to continue the payment of wages, salaries, employee benefits and other processes important to maintain business continuity during the reorganization period. The Court also entered orders approving Relativity's request to use $9.5 million in interim funding prior to an August 14th hearing on the $45 million in debtor-in-possession ("DIP") financing provided by a group of the company's prepetition lenders.
"The ability to minimize the impact of this process on our employees and operations is among our most important priorities, and we are pleased that the Court has ordered these motions, which will allow us to preserve value for our stakeholders," said Ryan Kavanaugh, Chairman and CEO of Relativity. "The orders the Court entered today are an important milestone in our reorganization. I look forward to building on this momentum to emerge as a stronger company."
Relativity previously announced on July 30 that it had elected to complete its reorganization through a voluntary Chapter 11 filing in order to achieve the Company's financial and strategic objectives.
Additional information related to Relativity's 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 is a next-generation global media company engaged in multiple aspects of content production and distribution, including movies, 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