As he grasps to retain control of his bankrupt company’s assets, Relativity Media founder and Chief Executive Ryan Kavanaugh has been thrown a lifeline by an old friend: Ron Burkle.

The supermarket magnate, who previously invested in Relativity and sits on its board, has joined Kavanaugh in an investment group looking to buy pieces of the Beverly Hills entertainment firm, reports Hollywood trade paper Variety.

If Kavanaugh is successful, the flamboyant, 40-year-old billionaire would reclaim the bulk of his firm.

The group is trying to purchase all but the TV operations of the company in a deal with several hurdles to clear, including the approval of a U.S. Bankruptcy Court judge.

Relativity Media – the company behind movies like “Immortals” and TV shows such as new CBS series “Limitless” – filed for Chapter 11 bankruptcy protection this summer after failing to come up with the money to cope with its large debt load.

Representatives for Relativity and Burkle did not immediately respond to requests for comment.