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好莱坞电影公司相对论申请破产保护
Hollywood film-maker Relativity files for bankruptcy（449words）

By Matthew Garrahan in New York

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Relativity Media, the Los Angeles-based entertainment group, has filed for bankruptcy protection after missing payments to lenders and running up as much as $1bn in liabilities.

The filing is the biggest Hollywood bankruptcy since the collapse of Metro-Goldwyn-Mayer four years ago. MGM emerged from bankruptcy with its debt holders in control of the company: its largest shareholder, Anchorage Capital, is the lead debt holder of Relativity Media.

The company will be auctioned off, with Blackstone and FTI Consulting running a process that will be overseen by the bankruptcy court. Relativity has received a commitment of $45m debtor-in-possession financing — funds which will keep it operating during the sale.

Relativity, which released films such as Act of Valor and Immortals, was started by Ryan Kavanaugh, a colourful character who once earned the ire of neighbours by landing his helicopter on the rooftop emergency helipad of a nearby building.

Mr Kavanaugh raised hundreds of millions of dollars to invest in movie studio production slates. He initially earned millions of dollars in fees from the performance of those slates, and later expanded into production and distribution with backing from Elliott Associates, the New York hedge fund run by Paul Singer.

However relations with Elliott quickly soured. Ron Burkle, the retail billionaire — and a close friend of Bill Clinton — stepped in, backing the company. Relativity had scored with Limitless, starring Bradley Cooper, but failed to repeat the success, releasing a string of movies that underperformed.

Expansion into new lines of business, such as athlete representation, education and branding proved to be a further drain on the company’s resources. In recent months it has lurched from crisis to crisis, seeking emergency financing deals in a bid to stay afloat.

Mr Kavanaugh is expected to stay with the company through the bankruptcy process. Relativity, which is cutting 75 jobs, is being represented in its bankruptcy filing by Sheppard Mullin, the law firm. The filing, in the Southern District of New York, reveals that the company has up to $1bn of liabilities.

“The actions we are announcing today will protect our valuable franchise and allow us to emerge as a stronger, more focused company,” Mr Kavanaugh said in a statement.

Mr Kavanaugh has been on the receiving end of a lawsuit filed recently by RKA Film Financing, a film promotion group, which accused the company of misusing funds. In its legal filing it called Mr Kavanaugh a “conman” who “through dishonesty and deceit, operated a scheme to defraud investors and convert and misappropriate their funds”.

Relativity fired back with a $200m countersuit, claiming that RKA was seeking to exploit its efforts to refinance the company.

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