Bankruptcy Judge Gives Relativity A Small, Brief Lifeline In Initial Hearing

U.S. Bankruptcy Court Judge Michael Wiles approved a $9.5 million interim debtor in possession [DIP] loan forRelativity, and set August 14 for the next hearing to deal with its Chap. 11 filing. The judge allowed Relativity to spend $4 million from the DIP to compensate what it deems to be "critical vendors."  But he insisted that the lenders also approve the payments. A Relativity lawyer called this "truly a tight budget….This company is not big on buying goods. This is…

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