Relativity Media has filed court papers seeking to offload the first of its assets in the ongoing bankruptcy process. The Ryan Kavanaugh-fronted studio wants to sell a Europe-set chase thriller called Collide to IM Global for a $200,000 payment plus contingent compensation of up to $630,000, according to court documents filed Saturday in New York. In exchange, IM Global would withdraw its previous objection to the bankruptcy. In the proposed agreement, Open Road Films would be required to provide Relativity with audit statements, suggesting the distributor could end up releasing the film in the U.S. A rep for Open Road declined to comment. (THR / THR, Esq.)
While nothing else has been filed yet concerning individual properties, this could be the first of many asset sheddings the company moves to make in the next few days. The Eran Creevy-directed movie starring Nicholas Hoult, Felicity Jones, Ben Kingsley and Anthony Hopkins had been due for theatrical release in the U.S. on Oct. 30 but has been stalled with other projects as Relativity negotiates through bankruptcy. (Deadline)
No company or individual stepped forward to make an offer for all of bankrupt Relativity by Friday’s deadline for bids, according to a source familiar with the situation. With bids coming in only for pieces of the failed company by day’s end, experts said they expected that senior lenders who previously made a $250 million stalking horse bid would retain control of the 11-year-old maker of films and TV shows. (Variety)