Like a phoenix emerging from the flames, Ryan Kavanaugh has won back the bulk of his bankrupt mini-studio Relativity Media.

The flamboyant billionaire reached a deal on Sunday with a group of investors, including supermarket magnate Ron Burkle, to acquire all of the company’s assets apart from Relativity’s television business, considered its most attractive division.

As part of the transaction, Relativity has agreed to sell the television arm for $125 million to an investor group comprised of Anchorage Capital Group, Luxor Capital Group and Falcon Investment Advisors.

The deal would see Relativity emerge with $30 million in debt and Kavanaugh remain as chairman and chief executive. However, a bankruptcy court judge must sign off in order for it to become final. Court proceedings began on Monday in New York and are set to continue tomorrow.

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

The company declined to comment on the matter.

Relativity did announce that President Tucker Tooley, who has been with the company since 2007, is stepping down.

“Now that the company has a clear path to emerge from Chapter 11, I have decided to re-focus my efforts on filmmaking and the creative side of the business,” said Tooley, in a statement.