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Harvey Weinstein's Company Officially Declares Bankruptcy

Harvey Weinstein's Company Officially Declares Bankruptcy

The Weinstein Company has declared bankruptcy.

The film company – co-founded by Harvey and Bob Weinstein – made the announcement on Monday (March 19), as it is not able to survive amid the allegations of sexual abuse against Harvey that emerged last fall, Variety reports.

The company might be able to reorganize and produce TV shows and movies under new ownership. Lantern Capital placed a “stalking horse” bid, which offers a floor for a bankruptcy auction.

According to a source, Lantern’s bid is between $300 million to $320 million, most of which would take the form of assumed debt. The $500 million bid from billionaire Ron Burkle and others collapsed two weeks ago.

“The Board selected Lantern in part due to Lantern’s commitment to maintain the assets and employees as a going concern,” the company said in a statement. “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 also revealed that it has released its employees from their non-disclosure agreements, as part of an ongoing negotiation with New York Attorney General Eric Schneiderman.

“No one should be afraid to speak out or coerced to stay quiet,” the company said. “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.”

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Credit: Nicholas Hunt
Posted to: Bob Weinstein, Harvey Weinstein

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