Relativity Media CEO and chairman Ryan Kavanaugh is back in the race for his bankrupt studio, an individual with knowledge of the proceedings told TheWrap.
Kavanaugh has entered a bid for all of the assets in the company’s Chapter 11 filing — minus Relativity TV, a robust division of the company run by Thomas Forman — which are being auctioned Thursday in New York.
The bid amount and potential financiers backing him are currently unknown.
Relativity Media declined to comment on the matter.
The parcel of assets Kavanuagh is gunning for includes Relativity Studios, which counts movies like Nicholas Hoult‘s “Collide” as hostages in the bankruptcy process as well as projects in development like “The Crow” reboot. It would also include the company’s minority stakes in a sports management group, the for-profit Relativity Education and a joint film marketing and distribution entity with EuropaCorp.
While several other bids have reportedly come in to purchase Relativity TV exclusively, it’s unclear if any of them combined with Kavanaugh’s bid would surpass the $250 million bid by a stalking-horse group led by senior lenders Anchorage Capital, Falcon Investments and Luxor Capital.
Kavanaugh, the face of Relativity since its inception 11 years ago, has long wrestled with the company’s debt-equity structure. Efforts in late May to refinance the mini-major’s debt and infuse it with cash failed, resulting in the Chapter 11 filing on July 30.
As TheWrap reported on Thursday, the stalking horse group — is confident that it will prevail in the auction process and find favor at a sale hearing on Monday, where U.S. Bankruptcy Court Judge Michael Wiles is expected to approve a winner.
“They are optimistic,” an individual close to the group told TheWrap. “The confidence in this bid is evident, it’s remained throughout the entire process.”