The Weinstein Company files for bankruptcy

The Weinstein Company files for bankruptcy

U.S. movie and TV studio The Weinstein Firm, whose ex-chairman Harvey Weinstein has been accused of sexual harassment and assault, mentioned on Monday it filed for chapter with a proposal from an affiliate of personal fairness agency Lantern Capital Companions to accumulate its belongings.

The studio’s chapter comes after it spent months on the lookout for a purchaser or investor. The corporate inked a cope with an investor group led by former Obama administration official MariaContreras-Candy, however the group terminated its provide earlier this month after seeing that the corporate had extra liabilities than beforehand disclosed.

Weinstein Co mentioned in an announcement it entered right into a “stalking horse” settlement with a Lantern Capital affiliate, that will buy considerably all the belongings of the corporate.

Greater than 70 ladies accused the corporate’s co-founder, Harvey Weinstein, who was one in every of Hollywood’s most influential males, of sexual misconduct, together with rape. Weinstein has denied having non-consensual intercourse with anybody.

Film producer Killer Content material additionally mentioned chapter could be the most suitable choice for the corporate, and that it might have an interest within the studio’s belongings in a chapter public sale.

In February, New York Lawyer Basic Eric Schneiderman sued the Weinstein Firm, Harvey Weinstein and his brother Bob Weinstein, alleging that Harvey Weinstein sexually harassed workers and the corporate failed to reply. Bob Weinstein co-founded the corporate and is the co-chairman.

Launched in October 2005, the studio produced and distributed critically acclaimed hits together with “The King’s Speech” and “Silver Linings Playbook,” in addition to TV collection equivalent to long-running vogue actuality competitors “Undertaking Runway.”