BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Pursuant to the exit plan, which was filed by Relativity and its financial advisors as part of the exit from chapter 11 and ultimate purchase of the company by private investors, Relativity has met a milestone by completing the sale of the development project Den Of Thieves.
As part of the robust filing in the Honorable Judge Wiles Court, Relativity was to sell Den of Thieves for north of one million dollars. In a transaction which concluded at the end of last month, Relativity completed the sale detailed in the plan of emergence filed with the court in March of Den of Thieves for 1.2 million dollars to startup studio STX.
A spokesperson for Relativity said, "We are pleased to continue to meet the milestones set forth in the exit with the court, and this was a significant step in meeting those objectives."
Relativity also has three films set for release between September and December of this year, Masterminds, Before I Wake and Kidnap.
In April of this year a court approved the purchase of Relativity by private investors including its founder Ryan Kavanaugh, from chapter 11. The investors brought close to $200 million in financing to complete the exit. Specifically a $60 million revolving line for P&A, a $40 million library financing by MidCap, $35 million by the investor group which purchased the DIP financing from Elliott, $60 million of financing from BidCo as a term loan, and $35 million invested by the investor group provided a few months earlier at the initial auction. Furthermore, since inception, the current owners have invested more than $230 million into Relativity.
Relativity (relativitymedia.com) is a next-generation global media company engaged in multiple aspects of content production and distribution, including movies, television, sports, digital and music. More than just a collection of entertainment-related businesses, Relativity is a content engine with the ability to leverage each of these business units, independently and together, to create content across all mediums, giving consumers what they want, when they want it.
Relativity Studios, the Company’s largest division, has produced, distributed or structured financing for more than 200 motion pictures, generating more than $17 billion in worldwide box-office revenue and earning 60 Oscar nominations. Relativity’s films include Oculus, Safe Haven, Act of Valor, Immortals, Limitless, and The Fighter.