Following a failed attempt to refinance the ailing company, Relativity Media has now voluntarily filed for Chapter 11 bankruptcy. CEO Ryan Kavanaugh issued a statement and outlined that this latest development will ultimately be for their betterment.
“Relativity continues to pursue its mission as a next-generation global media company, and we remain firmly committed to our film and television businesses.The actions we are announcing today will protect our valuable franchise and allow us to emerge as a stronger, more focused company.
Our board and management team explored a variety of options to refinance Relativity’s debt, and we ultimately determined that the protection afforded by a court-supervised reorganisation process will provide additional time and structure to achieve our financial and strategic objectives.”
2015 has been particularly unkind to Relativity, not one of their releases this year has managed to be a breakout hit. Even horror offerings such as The Lazarus Effect and The Woman in Black 2 failed to make an impact on the box office. Relativity are hoping to hang on to Kristen Wiig/Owen Wilson comedy Masterminds and Halle Berry thriller Kidnap.
The fate of other completed Relativity movies remains unclear at present. However, troubled western Jane Got A Gun was successfully extracted just two days ago. Jane Got A Gun has had a difficult time getting to the big screen. After the original director had dropped out after one day, the majority of the cast remained on set while the studio found a replacement. Gavin O’Connor was eventually hired, but the delay caused Jude Law to bow out to meet existing commitments. Ewan McGregor assumed the leading role alongside co-stars Natalie Portman and Joel Edgerton.
Jane Got A Gun will now arrive in cinemas early 2016 instead of the originally planned September 4th release.