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Failing film and television studio Relativity Media is planning to sell Nicholas Hoult's unreleased thriller film, 'Collide', back to financier IM Global in attempts to unburden itself from one its assets. The proposed agreement comes in exchange of IM Global's withdrawal of its previous objection to the filed Relativity bankruptcy.

According to The Hollywood Reporter, Relativity filed for bankruptcy on July 30 and listed its assets at $560 million but its liabilities at $1.2 billion. The move to sell the yet-to-be-released film came after the September 25 deadline for bids for the company. The studio, founded and headed by Ryan Kavanaugh, seeks to sell 'Collide' to IM Global Film Company for $200,000 including $630,000 for compensation.

The thriller film 'Collide', formerly known as 'Autobahn', stars Nicholas Hoult, Ben Kingsley, Felicity Jones, and Anthony Hopkins. It was intended to be released on October 30, 2015 but was unfortunately trapped in the bankruptcy war. Relativity was to handle its domestic distribution according to a deal made with IM Global back in 2014.

It was reported by The Wrap that such a transaction would oblige IM Global to drop all its previous objections for the sale of Relativity Media. The company had a "stalking horse" bid of $250 million from its lead creditors.

The filing took place on September 26, 2015 in the Federal Bankruptcy Court in New York City, according to Deadline. Details revealed that part of the negotiations intended for Open Road Films to take over the distribution of 'Collide' and that it provides accounting statements until the amounts due for Relativity are paid off.

Relativity Media is a global media company founded in 1994 and is considered to be the third mini-major film studio in the world. Its film division, Relativity Studios, was responsible for the release of films such as 'Limitless', 'Immortals', 'Mirror Mirror', and 'Don Jon' including the most recent unreleased Nicholas Hoult's 'Collide' movie. It eventually filed for Chapter 11 bankruptcy on July 30, 2015 after a trail of lawsuits and missing loan payments.