The Weinstein Company Files for Bankruptcy
After months of back and forth, the Weinstein Company has officially filed for bankruptcy.
The disgraced company, founded by Harvey Weinstein and brother Bob, was supposed to be sold to Maria Contreras-Sweet and an investor group before the deal fell apart several times.
Weinstein Co. will be sold to Dallas-based Lantern Asset Management for between $300 million and $320 million, according to Variety.
“The company hopes that this orderly sale process under the supervision of the Bankruptcy Court will allow it to maximize the value of the Company’s assets for the benefit of its creditors and other stakeholders,” the company said in a statement.
As part of the agreement and an arrangement with New York Attorney General Eric Schneiderman, all employees will be released from their nondisclosure agreements.
“No one should be afraid to speak out or coerced to stay quiet,” the company said in a statement.
“The company thanks the courageous individuals who have already come forward. Your voices have inspired a movement for change across the country and around the world.”
Harvey Weinstein was ousted from the company after more than 100 women accused him of sexual harassment and assault.