Relativity Sale Postponed, $2.5 Million Loan Approved

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Updated: After a flurry of objections this week to the fast-tracked auction of bankrupt Relativity Media, the senior lenders controlling the company agreed to push the sale back two weeks, to October 1, and to delay final arguments about the bid procedures until late August.

Those moves in U.S. Bankruptcy Court in Manhattan Friday morning meant that what could have been a contentious debate on the future of the entertainment company, founded by Ryan Kavanaugh, was postponed until August 25.

Judge Michael Wiles agreed to postpone the final discussion on bid procedures and approved $2.5 million in additional financing to keep Relativity and the bankruptcy process going until the August 25 hearing. That money is on top of the $9.5 million in interim “debtor in possession” financing that the judge approved on July 31 — the day after Relativity declared bankruptcy.

Attorney Richard Wynne, representing Relativity, agreed to the delayed hearing initially proposed by unsecured creditors »

- James Rainey and Brian Steinberg

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