Relativity Bankruptcy: FTI Consulting Charges Nearly $2.5M For A Month’s Work
EXCLUSIVE: FTI Consulting, which was hired by Relativity to help the company sort through its finances and assist it through the Chapter 11 bankruptcy process, has filed its first monthly report to the court. It racked up $2.45M in compensation and expenses during the period of July 31-August 31, court records show. The filing with the court appeared tonight. See the breakdown of compensation and expenses here.
FTI Consulting’s Senior Managing Director Brian Kushner is Relativity’s Chief Restructuring Officer — with the authority to make financing deals, sell assets, etc. In his first month, Kushner was said to have arranged $45 million in debtor-in-possession financing. He receives $1,050 an hour for his services.
FTI previously has done consulting work for clients in the aerospace and defense industries as well as the U.S. government. In late 2012. it bought Roy Salter’s LA-based Salter Group, a well-known name in corporate finance and valuations whose clients included Legendary Pictures, Disney, Sony and New Regency.
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