IM Global, the lead financier on the film that was previously called “Autobahn,” wants prompt nullification of its distribution deal with Relativity by Sept. 30 — in advance of the likely sale of Relativity’s film and TV assets to a stalking-horse group made up of senior lenders Anchorage Capital, Falcon Investments and Luxor Capital.
That sale is due to be completed by the end of October, but IM Global argued that any delay in the domestic release of the thriller would jeopardize grosses on the film, which is seen as having significant potential at the overseas box office.
IM Global “cannot wait until the sale to the Stalking Horse bidder is consummated because other contracts with third parties depend on the Wide Release of the Film by October 30, 2015,” according to the filing in New York’s U.S. Bankruptcy Court.
Barring the emergence of any new competitive bids, Ryan Kavanaugh‘s company will be sold for $250 million to the stalking-horse group.
Representatives for Relativity Media had no comment; IM Global has not yet responded to TheWrap’s request for comment.
According to IM Global’s motion, the company signed a deal memo last October for Relativity to handle domestic distribution on “Collide,” which had a production cost of approximately $29.2 million. The deal called for a theatrical release by October 2015 and at least $24.5 million of marketing expenditures.
Hoult, Jones and Ben Kingsley star in the Eran Creevy-directed action thriller from Silver Pictures, in which a desperate man (Hoult) hatches a scheme against a gangster (Kingsley) to pay for his girlfriend’s medical emergency.
In late July, TheWrap reported that Ryan Kavanaugh‘s financially troubled company had set up buyers screenings of “Collide” as well as the Natalie Portman Western “Jane Got a Gun” and the raunchy Sundance comedy “The Bronze” in the days before it formally filed for Chapter 11 protection.
Pamela Chelin contributed to this report.