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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.”

The Weinstein Company will declare bankruptcy after a $500 million deal to sell the company collapsed.

The company, which was co-founded by Harvey and Bob Weinstein, made the announcement on Sunday (February 25), according to Variety.

A sale was close to being announced exactly two weeks ago, but the lawsuit filed by New York Attorney General Eric Schneiderman reportedly caused the deal to fizzle.

“Despite your previous statements, it is simply impossible to avoid the conclusion that you have no intention to sign an agreement – much less to close one – and no desire to save valuable assets and jobs,” a letter from the company to the bidding group lead investors Ron Burkle and Maria Contreras-Sweet reads.

The bid group was reportedly unwilling to put immediate cash up to keep the company afloat with their operating expenses.

“We will now pursue the Board’s only viable option to maximize the Company’s remaining value: an orderly bankruptcy process.”

For the full letter, head to Variety.com.

Jaime King is speaking out about her experience working with Bob Weinstein and how he threatened her career when she refused to do a Maxim cover to promote their project.

The former Hart of Dixie actress worked with The Weinstein Company on 2014′s Sin City: A Dame to Kill For.

“Bob you called me at home and called me a [loser with] no career threatening me [because] I refused to do Maxim cover for you,” Jaime tweeted.

“I truly hope that the properties revert to their rightful owners as you/Weinstein board were fully aware & abusive to actors/filmmakers,” she added. “Sexual abuse is horrific. As is verbal/emotional abuse. So many artists/directors had beautiful films/careers destroyed by WC demands.”

Jaime‘s White Chicks co-star Busy Philipps responded to the tweet saying, “So much love to you Jaime.”

Bob Weinstein, who is Harvey Weinstein‘s brother, is responding to producer Amanda Segel‘s claim that he sexually harassed her during production of her show The Mist.

“Variety’s story about Bob Weinstein is riddled with false and misleading assertions by Ms. Segel and we have the emails to prove it, but even if you believe what she says it contains not a hint of any inappropriate touching or even any request for such touching. There is no way in the world that Bob Weinstein is guilty of sexual harassment, and even if you believed what this person asserts there is no way it would amount to that,” his lawyer said in a statement (via Deadline).

In addition, The Weinstein Company said, “Bob Weinstein had dinner with Ms. Segel in LA in June 2016. He denies any claims that he behaved inappropriately at or after the dinner. It is most unfortunate that any such claim has been made.”‘

UPDATE: You can read Bob‘s response to these allegations here.

Bob Weinstein, brother of Harvey Weinstein, is now facing allegations of sexual harassment.

Amanda Segel, an executive producer on The Mist, accused Bob of harassment during the production of the show.

Amanda said that Bob made multiple attempts to invite her out on private dinners since the summer of 2016 until her lawyer informed The Weinstein Company’s executives, including COO David Glasser, that she would leave the show if he didn’t stop personally contacting her.

“‘No’ should be enough. After ‘no,’ anybody who has asked you out should just move on. Bob kept referring to me that he wanted to have a friendship. He didn’t want a friendship. He wanted more than that. My hope is that ‘no’ is enough from now on,” she told Variety.

According to Amanda, she allegedly agreed to a dinner that was filled with “highly intimate questions,” during which Bob asked if she would drive him back to the hotel. When she did, he asked her to come up to the room, which she declined.

He also reportedly continued asking her out to dinner, “joking at times that he was her boss and could fire her if she didn’t agree.”

A representative for Bob issued a response to the account: “Bob Weinstein had dinner with Ms. Segel in LA in June 2016. He denies any claims that he behaved inappropriately at or after the dinner. It is most unfortunate that any such claim has been made.”

A rep for The Weinstein Company also denied that David was contacted by her lawyer.

To read Amanda‘s full account, head to Variety.com.

Bob Weinstein is speaking out about his brother Harvey Weinstein‘s actions over the years in a new in-depth interview.

The longtime movie mogul, who is taking over the reigns at The Weinstein Company, says that his brother should be expelled from the Academy.

“I was gonna actually write [to the Academy]. And I will do it. I am gonna write a note to them saying he definitely should be kicked out of the Academy,” Bob told THR.

Bob also opened up about being physically abused by Harvey, who he calls a bully. While he knew that Harvey was cheating on his wife, he says he didn’t know of the producer’s alleged predatory ways.

“I was also the object of a lot of his verbal abuse – at one time physical abuse. And I am not looking for one bit of sympathy from anyone. I do not put myself in the category at all of those women that he hurt. But it’s a complicated situation when it’s your brother doing the abusing to you as well. I saw it and I asked him to get help for many years,” Bob said.

Read the full, in-depth interview at THR.com.

Harvey Weinstein‘s brother Bob is speaking out against to slam his brother amid his sexual harassment scandal.

Bob – who is a co-founder and board member in the Weinstein Company – says his brother is releasing fake stories to reflect the heat away from him.

“My brother Harvey is obviously a very sick man,” Bob told TMZ. “I’ve urged him to seek immediate professional help because he is in dire need of it. His remorse and apologies to the victims of his abuse are hollow. He said he would go away for help and has yet to do so.”

Harvey is reportedly blaming Bob for leaking the sexual harassment story to the NY Times in order to get him removed from the production company.

Bob continues: “He has proven himself to be a world class liar and now rather than seeking help he is looking to blame others. His assertion is categorically untrue from A to Z. I pray he gets the help that he needs and I believe that it is him behind all of these stories to distract from his own failure to get help.”

Since women started coming forward against Harvey, the movie producer has lost both his job and his wife.