Weinstein Co. going bankrupt

THE WEINSTEIN Co. filed for bankruptcy Monday. The company founded by disgraced movie mogul Harvey Weinstein and brother Bob was supposed to be sold to Maria Contreras-Sweet and an investor group, but the deal fell apart several times, most recently March 6. Now it will be sold to Dallasbased Lantern Asset Management for $300 million to $320 million, Variety reported. “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 firm said in a statement. As part of the agreement and an arrangement with New York Attorney General Eric Schneiderman, all employees will be released from their nondisclosure agreements. Harvey Weinstein was ousted from the company after more than 100 women accused him of sexual harassment and assault. It’s unclear how many people have stayed quiet under the companywide hush deals. Schneiderman called the move a “watershed moment for efforts to address the corrosive effects of sexual misconduct in the workplace.”