Weinstein victims ‘freed’ as film studio folds

THE Weinstein Company film studio, whose ex-chairman Harvey Weinstein has been accused of sexual harassment and assault, has filed for bankruptcy and said it was ending all non-disclosure agreements that may have silenced some women.

It follows accusations by more than 70 women against Mr Weinstein, the company’s co-founder, of sexual misconduct, including rape. Mr Weinstein denies having non-consensual sex.

Lantern Capital, a Texas private equity firm, agreed to buy The Weinstein Company out of bankruptcy for $310million. That offer will be subject to higher and better bids in a court-supervised auction scheduled for May 2.

Lantern had been a potential investor in a bid by Maria Contreras-sweet, the former Obama administration official, which was ultimately terminated.

The bankruptcy will halt victims’ lawsuits against the company and any sexual misconduct claims would likely only be compensated after secured creditors are paid in full.

The Weinstein Company, which has won 28 Academy Awards, owns a library of 277 feature films that have generated more than $2 billion in aggregate box office receipts worldwide.

As part of the bankruptcy, it said anyone “who suffered or witnessed any form of sexual misconduct by Harvey Weinstein” would be released from nondisclosure agreements.

The studio has spent months looking for a buyer or investor. Lions Gate Entertainment Corp made an earlier offer for some of its assets, as had Miramax, which was founded by Harvey and Bob Weinstein. Both could be among potential bidders. Film producer Killer Content also said it may be interested in the studio’s assets.