A DASH FOR CASH

Relativity’s Kavanaugh facing May 31 deadline

Relativity, the movie company run by flamehaired Ryan Kavanaugh, is expected to release a thriller at the end of May: its own.

The company is racing to raise money to pay off debt coming due on May 31, sources tell The Post.

The pack of debt holders are howling for control of the ministudio, sources said.

As the deadline nears, Relativity bankers have been holding a slew of meetings with a host of potential lenders — including privateequity firms and Chinabased investors.

For Relativity, the alleged dust up would be just the latest doordie moment in its short history.

“There are three options,” said one source familiar with the situation. “Ryan comes up with the money, he doesn’t come up with the money and declares bankruptcy, or the lenders and other investors recapitalize.

While the deadline is fast approaching, few in Tinseltown would bet against Kavanaugh.

“Ryan has pulled it out of the bag before,” this person said, adding the 40yearold could still work out a deal to stay in control — but the toll exacted could be high.

Relativity is negotiating with debt holders Colbeck Capital and Anchorage Capital, said a source familiar with talks. The two are believed to be at odds with Relativity over howto recapitalize the ailing studio.

“This is a clear play by Colbeck Capital to try to seize control of Relativity by trying to spread false rumors about the state of the company,” the company said in a statement. “Ryan is fully in control and Colbeck will be removed from the board next week.”

Kavanaugh needs $200 million to keep the wheels turning, sources said. The interest rates on some of the outstanding debt are in the double digits, the sources added.

While some believe Ron Burkle (who owns some Relativity debt) has the power to pull the rug out from under the studio and take control, sources close to the situation said he won’t foreclose.

To be sure, Kavanaugh is the cat with nine lives who confounds Hollywood with his ability to extricate himself from tricky situations.

Trade reports from April suggest Relativity has access to $250 million in capital from an investment management firm named VII Peaks Capital. Access to that capital is being blocked by Anchorage and Colbeck over the terms of the that deal, a source said.

Relativity was sued recently by Palisades Media Group, a mediabuying agency, over nonpayment of fees, Bloomberg reported. That debt has since been paid and a Palisades executive insisted the suit was the result of a “misunderstanding.”

Several PE firms have looked at the company to figure a way to take control, but one source told The Post the debt structure was too complex since there are so many debt holders.

Even so, owning a Hollywood studio with its hands in the sports, fashion and music worlds would have an allure for any investor.

Kavanaugh struck a $350 million debt deal with Burkle’s Yucaipa back in 2012, partly as a way to largely replace PE partner Elliott Management.

A spokesman for the company said in a statement: “Relativity has successfully recapitalized its balance sheet by refinancing its existing debt and raising additional capital in the form of debt and equity, which has positioned the company for longterm growth and significant capital resources.”

Those forces behind Ryan Kavanaugh of Relativity Media — best known for its 2011 movie hit “Immortals” — might actually be coming to get him.