Ryan Kavanaugh's Embattled Relativity Pushes Halle Berry's 'Kidnap' to Next Year
The company also takes faith-based documentary 'Hillsong — Let Hope Rise' off its release calendar.
Ryan Kavanaugh's financially embattled Relativity Media is pushing back the opening of Halle Berry's Kidnap from Oct. 9 to Feb. 26, 2016 in the latest shuffling of its release calendar.
The move wasn't entirely unexpected, since Oct. 9 is the same date where Relativity's Masterminds will now debut (the comedy's release was recently pushed back from August).
In a twinned move, the company has pulled faith-based documentary Hillsong — Let Hope Rise from its planned Sept. 30 release. No new date has yet been set.
The big question now is what happens to Jane Got a Gun, the high-profile indie Western starring Natalie Portman. Jane is still set to open Sept. 4.
The Kidnap and Hillsong changes come only days after Relativity Media chairman and CEO Ryan Kavanaugh, saying he is the subject of a "malicious witch hunt," issued a lengthy public statement laying out his efforts to solve his company’s current financial crisis and accusing Colbeck Capital and Tony Vinciquerra of taking part in a “buyout scheme” to purchase Relativity.
According to Kavanaugh, Relativity reached an agreement with the Toronto-based Catalyst Capital to purchase all of Relativity’s senior debt for $130 million and to provide an additional $170 million in working capital. However, after Catalyst wired the $130 million to Relativity, Kavanaugh said, the subordinated debt-holders, lead by Anchorage Capital, exercised an option to buy out Catalyst’s stake.
However, Newton Glassman, managing partner at Catalyst, told Bloomberg Business that the private equity group still owns some of Relativity's senior and junior debt, remains supportive of Relativity, and is participating in efforts to restructure the company.
Also late last week, Kavanaugh dismissed a suit filed by RKA Film Financing, claiming it is owed $7.5 million it loaned to Relativity for the P&A costs of releasing several films.
Relativity acquired U.S. distribution rights to Kidnap from Lotus Entertainment in fall 2014.