After suggesting that Relativity might not be ready to exit bankruptcy protection, U.S. Judge Michael Wiles closed a roller-coaster hearing Tuesday, conditionally approving the studio’s reorganization.

If the company can prove to Wiles’ satisfaction that it has secured some $80 million in financing, as well as a firm agreement to have Kevin Spacey and his producing partner Dana Brunetti take over the studio’s creative direction, the judge said he will approve Relativity’s exit from Chapter 11.

“So much has gone into working out the deals…that parts have continued to move maybe a little bit more than is usual in a Chapter 11 case as we got to the end,” said Wiles, who praised the dozens of attorneys gathered in a packed Manhattan courtroom for their efforts.

Source: Relativity: Judge Conditionally Approves Studio’s Bankruptcy Exit | Variety

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