A bankruptcy court judge on Friday approved Relativity Media LLC’s reorganization plan, clearing the way for the film company to emerge from chapter 11 protection, L.A. Biz reported on Friday. The ruling from the U.S. Bankruptcy Court for the Southern District of New York comes about a month after the judge conditionally approved Relativity’s reorganization plan, contingent on the company raising $80 million in new funding and getting a deal that would give actor Kevin Spacey and producer Dana Brunetti creative control of the studio. The Beverly Hills-based company secured $75 million in loans and debt financing and signed Brunetti as president of production, although Spacey has backed out of leading the studio, citing his busy schedule. Relativity says new financing will come in the form of a $40 million loan from Midcap Financial Trust and $35 million in convertible debt financing from hedge fund founder Joseph Nicholas.
