Sexual Abused Accused Producer Weinstein Company Will File for Bankruptcy
Weinstein Co, the studio co-founded by Harvey Weinstein, will file for bankruptcy protection following the USD 500 million deal to sell the company collapsed, the company's board of directors said.
The decision came after the board was unable to revive a deal to sell the struggling studio to an investor group led by Maria Contreras-Sweet, who ran the Small Business Administration under President Barack Obama from 2014 to 2017, reported Variety.
The board of the company released a letter, in which it made clear that it was in dire need of operating cash.
"Based on the events of the past week, however, we must conclude that your plan to buy this company was illusory and would only leave this Company hobbling toward its demise to the detriment of all constituents. Despite your previo...