BEVERLY HILLS, Calif., Oct. 22, 2015 /PRNewswire/ -- The following statement is being issued by Relativity Media LLC on behalf of Van Durrer II, Attorney for Ryan Kavanaugh (Chairman and CEO, Relativity), Skadden, Arps, Slate, Meagher & Flom LLP:
"Today was a great day. As we advised the Court Tuesday, the company closed its TV sale and arranged new DIP financing that is an integral part of Relativity's planned emergence from Chapter 11 in early 2016.
All the parties confirmed that they were in agreement, including those who had raised questions concerning the financing. The 'TJ' parties, Elliott, the Cortland lenders, and new investors presented a fully agreed upon deal which was explained to the Court today. The parties have put up the equity and everyone has signed the deal and funded.
Anything implied to the contrary is inaccurate. The Judge merely wanted a more focused presentation and thanked the parties for their hard work and collaboration.
As we completed the documents late last night last after all parties funded, the package was not submitted to the Court until early Thursday morning. It is reasonable for the Court to request additional time and a shorter presentation to review the materials. We expect to provide that by close of business tomorrow.
All parties involved, including the Official Committee of Unsecured Creditors, today spoke and expressed their support and blessing of the overall deal, including, but not limited to, the Ryan Kavanaugh-led investor group funding plan."
SOURCE Relativity Media LLC