Embattled entertainment company Relativity Media filed for bankruptcy protection today after billionaire Ryan Kavanaugh failed to find a financial savior for his struggling firm.

Starved of hit films and with mounting debts, the mini-major’s Chapter 11 filing in U.S. Bankruptcy Court in New York allows the Beverly Hills company to stay in business while restructuring.

According to the filing, the company estimates it owes as much as $1 billion to as many as 5,000 creditors and has assets between $100 million and $500 million. Relativity also announced Thursday that it planned to sell virtually all its assets, a sale that could close as soon as October.

“The actions we are announcing today will protect our valuable franchise and allow us to emerge as a stronger, more focused company,” Kavanaugh, its chief executive, said in a statement.

The 40-year-old impresario with his own helicopter, a supermodel wife and several celebrity friends is one of Hollywood’s most high-profile moguls and, according to the statement, he will remain at the helm.

The filing comes a day after the firm announced it was laying off 75 of its 350 employees, although documents it filed with the court state it expects to ultimately lose about 88.

Relativity, whose films include “Immortals,” “Limitless” and “The Fighter,” had put a number of its upcoming releases on hold in order to preserve cash. The company said in a statement that despite its bankruptcy filing it still plans to go ahead and release two forthcoming films, comedy “Masterminds” and thriller “Kidnap.”