Scandal-hit Weinstein Co. files for bankruptcy protection
Source: AP
The Weinstein Co. filed for bankruptcy protection on Monday with a buyout offer in hand from a private equity firm, the latest twist in its efforts to survive the sexual misconduct scandal that brought down co-founder Harvey Weinstein, shook Hollywood and triggered a movement that spread out to convulse other industries.
The company also announced it was releasing any victims of or witnesses to Weinsteins alleged misconduct from non-disclosure agreements preventing them from speaking out. That step had long been sought by New York State Attorney General Eric Schneiderman, who filed a lawsuit against the company last month on behalf of its employees.
The Weinstein Co. said it has entered into a stalking horse agreement with an affiliate of Dallas-based Lantern Capital Partners as part of its bankruptcy protection filing in U.S. Bankruptcy Court in Delaware. That means Lantern has agreed to buy the company, subject to approval from the court.
The company made the filing about two weeks after negotiations to sell the company to a group of investors fell apart. Lantern, which had been one of those investors, has now offered to buy most of the assets of the company and keep on its employees, the Weinstein Co. said.
Read more: https://apnews.com/a57c0334284c4536bbf3120817551765
BigmanPigman
(51,642 posts)First was Facebook with a dirty "face" and rats bailing on him financially/stocks.
Last week's news of Pharma Bro going to jail for 7 years and being fined 7 million was great too!
All three are BIG MEN/ PIG MEN...greedy, dirty bastards!
Julian Englis
(2,309 posts)Honeycombe8
(37,648 posts)The money keeps rolling in from prior profitable hits, no matter what. There are legal bills, but not enough to crush a corporate giant like that.
Future productions would be iffy, I guess. Contract cancellations for future movies and such. But still the money from prior hits is rolling in. And not ALL the contracts were cancelled, I'm sure.