Ryan Kavanaugh's beleaguered entertainment company, Relativity Media, is cutting roughly 50 workers as the 11-year-old studio nears a possible bankruptcy filing, according to people with knowledge of the matter.
The Beverly Hills studio, which owes at least $320 million, has been trying to come up with the money to pay lenders but is expected to file for Chapter 11 bankruptcy as soon as Wednesday, according to a person familiar with the matter who was unauthorized to speak publicly.
A spokesman for Relativity, which has about 350 employees, declined to comment.
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