Weinstein Co. files for bankruptcy protection
NEW YORK CITY — The Weinstein Co. filed for bankruptcy protection on Monday with a buyout offer in hand from a private equity firm, the latest twist in its efforts to survive the sexual misconduct scandal that brought down co-founder Harvey Weinstein, shook Hollywood and triggered a movement that spread out to convulse other industries.
The company also announced it was releasing any victims of or witnesses to Weinstein’s alleged misconduct from non-disclosure agreements preventing them from speaking out. That step had long been sought by New York State Attorney General Eric Schneiderman, who filed a lawsuit against the company last month on behalf of its employees.
The Weinstein Co. said it has entered into a “stalking horse” agreement with an affiliate of Dallas-based Lantern Capital Partners as part of its bankruptcy protection filing in U.S. Bankruptcy Court in Delaware. That means Lantern has agreed to buy the company, subject to approval from the court.
The company made the filing about two weeks after negotiations to sell the company to a group of investors fell apart. Lantern, which had been one of those investors, has now offered to buy most of the assets of the company and keep on its employees, the Weinstein Co. said.
Other bidders also could emerge, particularly those interested in the company’s lucrative 277-film library, which includes award-winning films.