Relativity Media never raised $100M in new financing

Truth has always been a subjective commodity in Hollywood — and Relativity Media’s hearing in a Manhattan Bankruptcy on Monday proved that point.

For example, the Ryan Kavanaugh-led mini-studio said in a statement on Jan. 25 that it had raised $100 million in new financing.

But Monday in court, it admitted it has raised only $20 million — and $14 million of that was “redeemable equity,” a kind of bridge loan.

Kavanaugh’s bankrupt studio also trumpeted in a Jan. 6 statement that it had acquired Trigger Street, the production company of Kevin Spacey and his business partner, Dana Brunetti.

Yet when pressed in court during an eight-hour hearing, a lawyer for Relativity could not deliver details.

“That was always intended to be a post-bankruptcy document,” the lawyer said.

Netflix, which has a distribution agreement with the studio, objected to the judge approving the plan of reorganization and the matter was put off until Tuesday.

The marathon hearing got off to an odd start as a video of Spacey was played for the court.

The actor, who agreed to run Relativity’s studio, asked the judge to approve the plan.

“I’m enormously excited to become chairman of Relativity Studios,” Spacey said in the video.

Aside from Spacey’s star quality, the proceedings devoted hours to tedious tests designed to ensure that, if its plan is approved, Relativity won’t soon be insolvent again.

Key witness Matthew Niemann, of Houlihan Lokey’s restructuring group, was mostly positive about Relativity’s outlook.

But after presenting the studio’s projected finances, even he emphasized the need for more capital.

Without it, he said, “There could be a real issue going forward.”

Kavanaugh, sitting through the entire hearing, appeared upbeat when asked how the hearing was going.

“Pretty good,” he told The Post before adding, “At least it’s going forward.”