The studio behind “Limitless” and “Act of Valor” filed for Chapter 11 protection last week, citing liabilities of $1.2 billion and assets of $560 million.
Carat is the unsecured creditor with the most to lose in Relativity’s bankruptcy. It has a $36.8 million trade claim against the company related to media buys for its films. Other members of the committee include production and advertising companies such as Technicolor, Allied Advertising Limited Partnership, Comen VFX and Create Advertising Group. A notice of appointment was made Friday by the U.S. trustee.
The creditors are tasked with monitoring the progress of a bankruptcy case and trying to protect the interest of all the companies that are owed money but don’t have any assurance of payment. Secured creditors have liens on Relativity’s assets.
A hearing is scheduled next week in U.S. bankruptcy court to see if Judge Michael Wiles will approve debtor-in-possession financing intended to keep Relativity’s operations running until it can sell at auction. The company is hoping to sell itself in October.