Relativity Media, of which its film studio arm is its biggest division, is in the midst of attempting to exit Chapter 11 bankruptcy protection, and had eyed Spacey to take over their studio. Spacey, in a court declaration first noticed by the Hollywood Reporter, has declined the job.

“I can think of very few things more exciting to an actor than being given the opportunity to work with fellow actors, writers and directors with the ability to bring their creative works to light. That was, and still is, a very powerful idea for me,” he said. “However, as Relativity emerges from bankruptcy and now that I have a much deeper understanding of the specifics of the amount of work that will be needed to shepherd the company through this transition, I have concluded it is work that I neither have the time nor the wherewithal to take on.” You can read his statement in the court document here.

Founded in 2004 by Ryan Kavanaugh and Lynwood Spinks, Relativity Studios has been involved in either distributing, producing or co-producing nearly 200 motion picture films, including Les Miserables, Fast & Furious 6, The Bourne Legacy, and the upcoming Masterminds.

Last July, the Hollywood studio entered Chapter 11 after it couldn’t repay its debts, and had suffered from a lack of true movie hits that would profit the studio.

However, in January, Relativity acquired Trigger Street Productions, the production company owned by Spacey and producer Dana Brunetti. At that time, both were expected to be installed as new chairmen of Relativity Studios on the hopes that their success with shows like House of Cards and the Trigger Street-produced The Social Network would rub off on Relativity. “It’s a very exciting position to be in, where we can greenlight a film,” Spacey said in an interview about the deal with Deadline.

Now, however, Brunetti will run the newly-restructured studio with Kavanaugh.”We couldn’t be happier with the support he [Spacey] gave and relationship we have built with Kevin and for his instrumental work in closing this deal especially,” a Relativity spokesperson told THR.