Relativity Media has reached an agreement with its unsecured creditors, clearing a significant obstacle to getting approval for a bankruptcy sale, Variety reported. Under the agreement, the creditors and their attorneys will receive up to $3.1 million. Attorneys announced the agreement yesterday in bankruptcy court in the Southern District of New York, but the deal must still be approved by the judge. Relativity declared bankruptcy for the second time in three years on May 3, and announced a proposed sale to its largest secured creditor, UltraV Holdings. UltraV has bid $40 million worth of its debt to take control of the moribund studio. At the time of the filing, Relativity also listed approximately $70 million in unsecured debt to 50 creditors.
