Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

The Weinstein Company files for bankruptcy

Published 20/03/2018, 02:38
Updated 20/03/2018, 02:40
© Reuters. Honoree Harvey Weinstein, Co-Chairman of The Weinstein Company and recipient of the Humanitarian Award from the Simon Wiesenthal Center poses in Beverly Hills, California

© Reuters. Honoree Harvey Weinstein, Co-Chairman of The Weinstein Company and recipient of the Humanitarian Award from the Simon Wiesenthal Center poses in Beverly Hills, California

NEW YORK (Reuters) - U.S. film and TV studio The Weinstein Company, whose ex-Chairman Harvey Weinstein has been accused of sexual harassment and assault, said on Monday it filed for bankruptcy with an offer from with an affiliate of private equity firm Lantern Capital Partners to acquire its assets.

The studio's bankruptcy comes after it spent months looking for a buyer or investor. The company inked a deal with an investor group led by former Obama administration official Maria Contreras-Sweet, but the group terminated its offer earlier this month after seeing that the company had more liabilities than previously disclosed.

Weinstein Co said in a statement it entered into a "stalking horse" agreement with a Lantern Capital affiliate, that would purchase substantially all of the assets of the company.

More than 70 women accused the company's co-founder, Harvey Weinstein, who was one of Hollywood's most influential men, of sexual misconduct, including rape. Weinstein has denied having non-consensual sex with anyone.

Movie producer Killer Content also said bankruptcy would be the best option for the company, and that it may be interested in the studio's assets in a bankruptcy auction. [L1N1PA0MU]

In February, New York Attorney General Eric Schneiderman sued the Weinstein Company, Harvey Weinstein and his brother Bob Weinstein, alleging that Harvey Weinstein sexually harassed employees and the company failed to respond. Bob Weinstein co-founded the company and is the co-chairman.

© Reuters. Honoree Harvey Weinstein, Co-Chairman of The Weinstein Company and recipient of the Humanitarian Award from the Simon Wiesenthal Center poses in Beverly Hills, California

Launched in October 2005, the studio produced and distributed critically acclaimed hits including "The King's Speech" and "Silver Linings Playbook," as well as TV series such as long-running fashion reality competition "Project Runway."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.