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Ryan Kavanaugh’s Relativity Media Files For Bankruptcy Protection

30 30.07.2015 Инфо

Relativity Media the digital-age entertainment company that claimed clever financing and data analysis could unlock the secret to box office riches filed for bankruptcy protection Thursday against a swarm of disgruntled investors and other creditors. The Chapter 11 filing came after weeks of failed scrambling by CEO Ryan Kavanaugh to find new partners or lenders to help him cover more than $300 million of debt and to preserve his place atop the company he founded 11 years ago. Thursday’s action represented a dramatic fall from grace for the high-flying Kavanaugh, a San Fernando Valley native who had been depicted over the years as reinvigorating a staid Hollywood establishment with both his savvy investing and his extravagant lifestyle. A hearing in bankruptcy court is scheduled to take place in New York on Friday.