The scandalous case of Harvey Weinstein is beginning to hit his company. The Weinstein Company, founded by Harvey and his brother Bob underwent bankruptcy and will now be sold to an equity firm. As per reports published in the Hollywood reporter, a Texas-based private equity firm called Lantern Capital reportedly paid around 289 million dollars for Harvey's company. The Judge gave the green light last week and company was sold.
It was in March that Harvey's company filed for bankruptcy. Their plan to sell the company to another investment group fell through several times as due diligence threw up nasty surprises. Buyers discovered millions of dollars of unexpected debt during last-minute checks of the company's finances.
Weinstein was ousted from the company after being accused of a string of sexual harassment and assault allegations charged by many A-list actresses. More than 75 women accused Harvey of sexual assaults and it flagged a social media campaign titled #MeToo that encouraged women to speak about the issue.
Harvey is currently out on $1 million bail and is awaiting a trial which may take place in September. In one of his recent interviews after the scandal, Harvey was quoted as saying, "Yes, I did offer them acting jobs in exchange for sex, but so did and still does everyone.”