Macquarie Investments raised its objection to Relativity Media’s plan to arrange a sale, and get out of Chapter 11 bankruptcy protection, today in a filing at the U.S. Bankruptcy Court handling the case.

woman in black angel of deathThe firm says it’s owed nearly $32.9 million for loans it made to pay for prints and advertising for three films: The Woman In Black 2: Angel Of Death ($19.1 million), The Lazarus Effect ($10.6 million), and Beyond The Lights ($3.2 million). As part of the loan agreements, it has an interest in the films’ domestic distribution pacts. They include Relativity’s Internet transmission deal with Netflix, one with Fox to handle home video, and digital video distribution with Apple.

A group of creditors, known as Stalking Horse Bidders, has offered $250 million for Relativity. The court is considering a plan to sell the studio either to that group or to someone else who might make a higher offer.

The problem, as Macquarie sees is, is that in Relativity’s sale plan the “definition of the Assets is quite broad,” Macquarie says. The studio also “hasn’t provided any explanation as to how [it] will arrive at the purchase prices for the Assets.” That raises the possibility that the films might be sold for a low price as Miscellaneous Assets.

Relativity recognizes that creditors including Macquarie have liens on some films. But the sale plan doesn’t “address the rights of senior creditors” to bid for them, the filing adds.

Compounding the problem: The proposed sale calendar gives Macquarie and others just five business days to object after there’s a formal Sale Notice. That’s “insufficient to allow secured parties time to evaluate” the deal and determine how it affects their liens, and whether the price is fair.

What’s more, Relativity does “not intend to provide any notice” for the sale of Miscellaneous Assets considered to have a book value of less than $100,000.

Macquarie wants at least 10 days to review sales of assets worth more than $100,000, and at least five days for ones less than that.

The court will review the matter at a hearing next week.

Separately, the Official Committee of Unsecured Creditors told the court that it does not object to the timetable for a possible sale.