Weinstein’s Production Company Files For Bankruptcy
Hollywood movie producer Harvey Weinstein who has been facing several allegations of sexual abuse has been sacked as chairman by his production company when the first allegation emerged in October. The company has also recently filed for bankruptcy and stated that it is releasing all accusers from non-disclosure agreements (NDA) that were imposed by Weinsten to silence them. Studio spokesperson stated that while it cannot undo the damage caused by Harvey Weinstein it will help victims continue their pursuit for justice. Company chairman Robert who is also Harvey’s brother stated that the firm has found a buyer Lantern Capital partners which will buy its assets based on approval from a Delaware court.
The plan would ensure that the firm’s assets receive good valuation for its investors and employees’ jobs are secure. The cofounders of Lantern stated that their purpose for acquiring the firm is to cultivate it as an eminent creator of quality content and create a positive vibe around the brand. This offer has brought relief to investors who were earlier disappointed when an earlier offer of $ 500 million by Maria Contreras-Sweet’s investor group rescinded on the deal. When the talks fell through, the firm’s board of directors had stated that they will follow a simple bankruptcy process.
Attorney General Eric Schneiderman had sued Weinstein Company in February this year fearing that a sale would leave victims whose careers had been destroyed due to Harvey’s sexual harassment, without adequate compensation. Welcoming the recent announcement by the firm releasing victims from NDA’s, he stated that his office will continue to protect their interests. The spate of allegations and lack of direction at Weinstein’s company has left the fate of several finished movies in the dark that were on the brink of release. Harvey Weinstein has been accused by more than 100 women of sexual harassment and rape going back by almost 40 years.
