Judge approves sale of Weinstein Co.

WILMINGTON, DEL. » A Delaware bankruptcy judge said Tuesday that she will approve a private equity firm’s purchase of the Weinstein Co., the studio forced into bankruptcy by the sexual misconduct scandal that brought down Hollywood mogul Harvey Weinstein.

Judge Mary Walrath gave her approval after Dallas- based Lantern Capital emerged last week as the sole qualifying bidder for the company.

Lantern offered to pay $ 310 million in cash for the Weinstein Co.’ s assets and to assume $ 127 million in projectrelated debt. It also agreed to cover obligations related to the assumption of certain contracts and leases.

Attorneys for the committee of unsecured creditors said Tuesday that the actual price paid by Lantern will be closer to $ 260 million, based on the difference between the value of the Weinstein Co.’ s assets at the time of Lantern’s bid and the current value of those assets.

The company’s primary assets are a lucrative 277- film library, a television production business and an unreleased film portfolio that includes four distribution-ready films and other projects in various stages of development.

“The Lantern deal represents full and fair value for the company,” said Paul Zumbro, an attorney representing Weinstein Company Holdings and 54 related entities.

The company sought bankruptcy protection in March amid a sexual misconduct scandal that brought down cofounder Harvey Weinstein and triggered a nationwide movement to address predatory sexual behavior and harassment in the workplace.

It’s unclear whether Weinstein’s accusers will receive any money from the bankruptcy sale. But an attorney for the official committee of unsecured creditors, which includes two alleged victims of Weinstein, said the bankruptcy case was the result of the bravery of women willing to stand up and have their voices heard.