The deadline for bids for Ryan Kavanaugh‘s Relativity Media has been extended until 8 p.m. ET on Tuesday, an individual with knowledge of the situation has told TheWrap.
The extension will not affect the timeline of the sale, which is still scheduled for court approval at an Oct. 5 hearing.
It’s unclear whether Relativity is actually expecting any new bids, as none of those tendered by the first deadline on Friday matched the stalking-horse bid of $250 million by a group of senior lenders — led by Anchorage Capital, Falcon Investments and Luxor Capital — for all of the company’s assets. Those firms are owed more than $360 million by Kavanaugh’s firm.
As of Friday, the company received only a handful of bids for portions of the company, particularly the lucrative television division run by Thomas Forman and Andrew Marcus.
The extension comes on the heels of Relativity resolving objections to its employee incentive plan, set up to retain key executives like Forman and Marcus through the bankruptcy process.
On Monday, U.S. Bankruptcy Court Judge Michael Wiles agreed to a revised incentive plan, and also sealed the specific amount of the bonuses.