Relativity Media’s sale process may take longer than it thought: The company today told the U.S. Bankruptcy Court considering its fate that it can’t meet a September 13 deadline to file a financial account of its businesses — known as “Schedules and Statements” — and wants to postpone it to September 24.
The company says it can’t “properly and accurately” turn in the information on time due to its “limited resources” and the “scope and complexity” of its affairs.
Relativity consists of 145 entities that “operate an integrated business network, which have thousands of potential creditors. The nature and scope of [Relativity’s operations require it] to maintain voluminous records and intricate accounting systems.” The company notes, for example, that it has “reviewed over 30,000 contracts” and “catalogued over 12,000 of them.”
We’ll see whether that ruffles creditors known as Stalking Horse Bidders, who have offered $250 million for the company. They’ve argued that the sale process should move as quickly as possible to keep current productions and plans on track, and to minimize billable hours for lawyers handling the case.