Weinstein Company Plans to File for Bankruptcy
According to new reports, the Weinstein Company is to file for bankruptcy after talks to sell its assets to an investor group collapsed.
Talks ended two weeks ago when the New York attorney general’s office filed a lawsuit against the Weinstein Company.
Directors were quoted as saying bankruptcy was the only viable option.
Hollywood producer Harvey Weinstein faces dozens of allegations of abuse, including rape, but denies non-consensual act.
The company’s board said in a statement: “The Weinstein Company has been engaged in an active sale process in the hopes of preserving assets and jobs.
“Today, those discussions concluded without a signed agreement.”
The statement said “an orderly bankruptcy process” was the “only viable option to maximize the company’s remaining value”.
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#MeToo: New York Attorney General Files Lawsuit Against Weinstein Company
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Harvey Weinstein Resigns from Company’s Board amid Multiple Allegations of Assault and Harassment
The civil rights lawsuit against the company alleges that Harvey Weinstein harassed and abused women employed by the studio for years, as well as making verbal threats to kill staff members.
It accuses senior executives at the company, including Harvey Weinstein’s brother Robert, of failing to prevent the mistreatment of staff despite being presented with evidence.
New York Attorney General Eric Schneiderman is seeking an unspecified sum to cover damages, plus penalties, for victims of alleged abuse.
A lawyer for Harvey Weinstein has said a “fair investigation” will show that many of the allegations are without merit, while the company’s board of directors has said many of the allegations relating to the board are “inaccurate”.
The allegations against Harvey Weinstein first surfaced in October 2017, when the New York Times published a story detailing decades of allegations of harassment against the mogul.
Since then, more than 50 women, among them some of the biggest names in Hollywood, have accused Harvey Weinstein of assault, harassment, abuse and rape.
In the wake of the allegations, Harvey Weinstein was sacked by the board of his company.
He has admitted that his behavior has “caused a lot of pain” but has described many of the allegations against him as “patently false”.
Harvey Weinstein is under investigation by UK and US police, but no criminal charges have been brought.