They are exploring their options after finally declaring bankruptcy.
More than five months after Harvey Weinstein was fired from The Weinstein Co. over claims of his sexual misconduct, the company has officially declared itself bankrupt with debts of over half a billion dollars to its name. It's currently looking at a stalking horse bid from Lantern Capital.
Harvey Weinstein at Tribeca Film Festival
Yesterday (March 19th 2018), the film studio finally admitted defeat after failed attempts to stay afloat following Harvey Weinstein's dismissal, though it may thrive under new ownership as they accept a $310 million stalking horse offer with Lantern Capital.
'The Board selected Lantern in part due to Lantern's commitment to maintain the assets and employees as a going concern', TWC said in a statement. '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.'
Details of Lantern's bid includes $310 million in cash, as well as $114.5 million in liabilities over some ongoing projects. It's less than the $500 million bid from Ron Burkle that recently fell through, but it's certainly a positive step forward. In their bankruptcy filing, the Company claims they have less than $500,000 cash and recently obtained a $25 million debtor-in-possession loan from Union Bank.
Meanwhile, there is still the issue of compensation for the victims of Weinstein's harassment. If insurance argue their obligation to pay out, that could mean further debts. Perhaps more importantly though, employees will no longer be silenced under their non-disclosure agreements and will be free to speak out about the misconduct that saw the Company meet its downfall.
'No one should be afraid to speak out or coerced to stay quiet', they added. 'The Company thanks the courageous individuals who have already come forward. Your voices have inspired a movement for change across the country and around the world.'
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