Weinstein company avoids bankruptcy in 11th-hour $500m deal

[Eugene]

Source: The Guardian

Harvey Weinstein’s film and TV production company has avoided bankruptcy at the 11th hour thanks to a $500m (£363m) takeover led by a former senior official in Barack Obama’s administration.

On Monday, the board of the Weinstein Company (TWC), which has been pushed to the point of closure following the wave of sexual harassment and assault claims against its co-founder Harvey Weinstein, said it would have to file for bankruptcy after a last minute offer proved "illusory".

The consortium led by Maria Contreras-Sweet, the former head of the Small Business Administration in Obama’s government, and US billionaire Ron Burkle, has returned to the table and is hammering out the final details of a deal to save the business. The transaction includes an $80m compensation fund for victims of Harvey Weinstein, who resigned from the TWC board last year.

One of the conditions of the deal going through is that Harvey Weinstein will not benefit financially from the sale.

-snip-

Mark Sweney
Fri 2 Mar 2018 09.53 GMT


Read more: https://www.theguardian.com/film/2018/mar/02/weinstein-company-avoids-bankruptcy-in-11th-hour-500m-deal

[Mr.Bill]

1. I hope they plan on cleaning house there

and get rid of everyone who knew what was going on and did nothing about it for years. This was more than one guy at the top doing what he did. It was a corporate culture.