Relativity Media said on Thursday that a bankruptcy court has approved the sale of the beleaguered film studio to the UltraV Group.
“Court approval of the sale today ends four difficult years for Relativity and marks a new beginning for the company,” said Relativity’s chief restructuring officer Colin Adams in a statement. Adams also serves as managing director at restructuring advisory firm M-III Partners. “Relativity’s administrative and priority creditors will be paid in full and unsecured creditors, including creditors from prior cases, will see meaningful recoveries, funded in part by the company’s successful partnership with Netflix. We wish UltraV much success as they renew and grow Relativity Media.”