The New York Times reported that Relativity Media filed for Chapter 11 protection on Thursday and put itself up for auction.
The Times notes, according to a declaration from the chief restructuring officer for the Relativity companies, the company owes a syndicate of banks led by One West Bank about $28 million which was characterized as a credit facility that recently matured.
The Times said Relativity’s operating plans will be supported by $45 million in new financing from a group of unnamed lenders.
Access the full The New York Times report here.