American film and television studio The Weinstein Co said on Monday, March 19 that it has filed for bankruptcy protection.
American film and television studio The Weinstein Co said on Monday, March 19 that it has filed for bankruptcy protection. The company will also end all non-disclosure agreements that may have silenced some women. The Weinstein Company's former chairman Harvey Weinstein has been accused of sexual harassment and assault. The company had filed for bankruptcy protection in Delaware court, where they listed $500 million to $1 billion in liabilities and $500 million to $1 billion in assets, reports CNBC.
"Since October, it has been reported that Harvey Weinstein used non-disclosure agreements as a secret weapon to silence his accusers. Effective immediately, those 'agreements' end," the company said in a statement.
The bankruptcy comes after the studio spent several months in search of a buyer or investor. The company had previously signed a deal with an investor group led by Maria Contreras-Sweet, an official from the erstwhile Obama administration. The group cancelled the offer after discovering that Weinstein Co had more liabilities than it had disclosed.
As of now, Lantern Capital Partners, a private equity firm is all set to acquire the assets of Weinstein Co. This offer will set the stage for higher bids in a court-supervised auction, reports CNBC.
A large number of women accused Harvey Weinstein, the co-founder of Weinstein Co, of sexual misconduct, including rape. Weinstein has denied all instances of non-consensual sex. Launched in 2005, The Weinstein Co. produced and distributed several critically acclaimed hits including The King’s Speech, Silver Linings Playbook and several popular TV series as well.