Relativity Media said today it has received votes from an “overwhelming percentage” of its unsecured creditors to accept the company’s reorganization plan, which is set to go before a U.S. Bankruptcy Court judge next week. No vote tally was given, but the plan to emerge from Chapter 11 includes repaying Relativity’s general unsecured creditors.
“We are pleased to have received these supportive votes from our creditor groups, which we believe paves the way for our emergence from Chapter 11 on February 1,” Relativity chairman and CEO Ryan Kavanaugh said in a release. “We have been working productively with our unsecured creditors, and we would like to thank them for their ongoing support.”
Relativity has been checking off its legal boxes as it looks to get to the other side of Chapter 11, including paying disputed fees from bankruptcy consultant FTI while prepping its own reported $500M fraud case against Colbeck Capital, another adviser it accuses of blocking potential deals for the company. Meanwhile, a new Relativity Studios has been ramping up hires — including a new chairman in Kevin Spacey and new president in his producion partner Dana Brunetti after the pending acquisition of the pair’s Trigger Street Productions — and has a slate of films it recently set release dates for including The Disappointments Room, Before I Wake, Kidnap, Masterminds and Strangers 2.