Beverly Hills film and television studio Relativity Media, which declared bankruptcy last year, faced a court hearing in New York Monday as it worked to regain its financial footing.

Variety reported that Relativity Media on Monday revealed that the company raised just $20 million of the $100 million that it had said it needed to emerge from Chapter 11 bankruptcy. However, an attorney representing Chief Executive Ryan Kavanaugh informed the bankruptcy court that the company would be able to raise the rest of the money once it emerges from bankruptcy.

The attorney also noted Relativity was still prepared to relaunch its film studio, under the leadership of Kevin Spacy and his producing partner, Dana Brunetti, whose Trigger Street Productions was acquired by Relativity Jan. 8. Under the agreement, Spacey will serve as chairman of Relativity Studios, while Brunetti will be the unit’s president starting in mid-February.

During the Monday morning proceedings, Spacey appeared in court, via a recorded presentation, urging Judge Michael Wiles to let Relativity Media out of bankruptcy protection, ahead of presentations of trailers for feature films “Kidnap” and “Masterminds.”

Later in the proceedings, streaming service Netflix remained the last major party objecting to the confirmation of Relativity’s reorganization plan. Attorney Scott McNutt, representing Netflix, said he was disturbed by the lack of detail about the financing and management behind the new Relativity.

McNutt asked for at least two more days to digest recent financial disclosures filed by Relativity. Judge Wiles’ response was that Netflix should have sought out the money details through earlier discovery, requests the judge noted Netflix had not made.

During the prolonged hearing, expected to continue into Tuesday, Judge Wiles called the absence of a complete financing plan “odd,” but said he intended to hear testimony later in the day from Relativity’s experts about the entertainment company’s capital structure.