VBox7 logo

Relativity Media Lays Off 75 Employees, as Chapter 11 Bankruptcy Looms

10 29.07.2015 Инфо

Embattled Relativity Media issued layoff notices to 75 of its 350 employees Wednesday, another sign that the debt-laden entertainment company is on the verge of a bankruptcy filing. Word came to worker after CEO Ryan Kavanaugh’s repeated failure to find new investors or loans to plug a yawning $320 million debt obligation. Those are relatively new operations that are said to put a particularly onerous drag on the bottom line of the Beverly Hills-based company.