Relativity Media said today it has more than $100 million in commitments from current and new investors — in addition to about $180 million in senior debt acquired by CEO Ryan Kavanaugh and fellow investor Joseph Nicholas that they expect to convert into equity.
The announcement comes one week before a hearing at U.S. Bankruptcy Court where the studio will try to persuade Judge Michael Wiles that it’s ready to stand on its own.
Relativity says the additional $100 million includes contributions from Kavanaugh, Nicholas, Macquarie Bank, and Atorus Investment Management Chief Investment Officer Carey Metz. Additional cash will come from TomorrowVentures, Carat Global, and VII Peaks Capital.
Carat agreed to extent credit to Relativity for its P&A capital, the studio says.
There’s also a post-emergence asset-backed facility that GHL & Company and Aperture Media Partners will syndicate.
“With the total financing commitments now successfully in place, we remain focused on emerging from Chapter 11 and moving forward with our robust slate of films and our continued evolution as a 360-degree content engine,” Kavanaugh says.
The announcement does not say how much each entity is contributing, or the terms of the commitments.
Kavanaugh and Nicholas will be co-managers of Relativity Holdings, the studio’s parent company. Earlier this month, Deadline broke the news that Kevin Spacey and his producing partner Dana Brunetti will respectively be chairman and president of the studio after Relativity buys their Trigger Street production company.
Several companies including Netflix say that they will oppose Relativity’s exit from bankruptcy until they see more evidence that it will be able to fulfill its business obligations.
Relativity says movies it plans to release this year include The Disappointments Room, Before I Wake, Kidnap, Masterminds and Strangers 2. Although it sold its TV production unit, Relativity participates in CBS’ Limitless, based on a film the studio released in 2011.
Today’s release also notes that Relativity Digital Studios will release two films this year based on last year’s Summer Forever.
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