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Relativity Media – Court Approves Settlement amongst Debtors, UltraV and Creditors Committee

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August 10, 2018 – The Court hearing the Relativity Media case approved a settlement agreement amongst the Debtors, the Relativity Entities (comprised of the Debtors and certain of their non-debtor affiliates), the Official Committee of Unsecured Creditors of the Debtors (the “Committee”), and UltraV Holdings [Docket No. 478]. As previously reported [Docket No. 348], “Since its appointment, the Committee has extensively investigated the Debtors, UltraV, and the relief sought by the DIP Financing Motion and Sale Motion….These efforts, in fact, led to a number of discussions and negotiations, including an all-hands meeting and negotiation among representatives of the Debtors, the Committee and UltraV on June 12, 2018. That meeting and the significant follow up diligence and good faith, arms-length negotiations among the Debtors, Committee and UltraV over the following weeks ultimately provided the foundation for the Settlement Agreement. The salient terms of the Settlement Agreement are as follows: Allowance of the Prepetition Senior Note Obligations and DIP Obligations as secured claims, as well as UltraV’s right to ‘credit bid’ such claims in accordance with section 363(k) of the Bankruptcy Code….In the absence of a higher and better offer that pays UltraV in full (or is otherwise consented to by UltraV), the Debtors and Committee will support entry of an order approving a sale of substantially all of the Debtors’ assets to UltraV (consistent with the APA as modified by the Settlement Agreement); The Debtors’ and Committee’s ability to solicit higher or better offers will be preserved….The Debtors and UltraV shall cooperate in the formation of a chapter 11 plan that seeks to transfer all of the Estates’ remaining litigation rights and proceeds to a liquidating trust for the benefit of unsecured creditors.”

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The post Relativity Media – Court Approves Settlement amongst Debtors, UltraV and Creditors Committee appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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