Relativity hoped to get approval yesterday to emerge from bankruptcy, but questions have emerged about its efforts to find new investors and the amount of money it has been able to raise, Variety reported today. Despite an aggressive effort by attorneys for the studio to paint a portrait of the studio well positioned to re-emerge from the financial wilderness, re-invigorated and blessed with a new creative vision, Bankruptcy Judge Michael Wiles said that Relativity was not ready to exit chapter 11 protection. Wiles said that he was worried about the studio’s level of equity financing. He noted there are a number of outstanding creditor and vendor objections, including an ongoing legal tussle with Netflix over a distribution agreement.
