The Weinstein Company has eventually declared bankruptcy and now it seems that they are exploring their options. This comes after over five months since Harvey Weinstein got fired from the Weinstein Co. over tons of claims regarding sexual misconduct.
The company has more than half a billion dollars debts and now, it was reported that it’s looking at a stalking horse bid from Lantern Capital.
Yesterday, March 19, was when the company finally admitted defeat after the various failed attempts to maintain itself floating after Weinstein’s firing.
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The company may thrive under new ownership as they accept a $310 million stalking horse offer with Lantern Capital.
TWC stated just recently that ‘The Board selected Lantern in part due to Lantern’s commitment to maintaining the assets and employees as a going concern. 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 issue of compensation for the victims of Weinstein’s harassment is still on the table, unfortunately for the company. If insurance argues that they must pay out, this could mean even more debts involved.
On the other hand, now, employees will no longer be silenced under their non-disclosure agreements. They will have the ability to speak freely about the sexual misconduct that resulted in the company’s downfall.