U.S. Bankruptcy Court Judge Michael Wiles got an exclusive first look at upcoming Relativity films on Monday in New York, and a personal pre-taped message from new leadership Kevin Spacey as the studio attempts to emerge from Chapter 11.
“Hello Judge Wiles, I am Kevin Spacey … I am here to say to you that I am enormously challenged and excited to become chairman of Relativity Studios,” the canned message from the newly-minted SAG Award winner said following footage from Halle Berry‘s “Kidnap” and Kristen Wiig‘s comedy “Masterminds,” both Relativity movies mired in bankruptcy.
The hearing was set for what is finally expected to be the end of a long road for the embattled mini-major. After resolving dozens of creditor objections, a path is almost clear to exit bankruptcy. Relativity has $20 million of a new $100 million investment in the bank, lawyers said. The balance will clear if reorganization is approved.
“I hope that with the ruling today or tomorrow or whenever you want — you are a judge — things can move forward and we’ll have the opportunity to produce some great movies going forward,” Spacey concluded.
Relativity CEO and Chairman Ryan Kavanaugh was present for the proceedings. Legal counsel for the studio told the judge most issues with creditors had been resolved save Netflix — which TheWrap exclusively reported on Saturday had become a nasty war of words between Kavanaugh and Netflix CCO Ted Sarandos.