The Weinstein Company Will File For Bankruptcy

The Weinstein Company Will File For Bankruptcy
Credit: Source: People.com

The Weinstein Company is scheduled to file for bankruptcy. In a report obtained by Variety, the board of representatives of the company revealed on Sunday night that they would file for bankruptcy following the failure to sell the company.

The execs wrote the letter to the potential buyers, Maria Contreras-Sweet, and Ron Burkle. The New York Times reported the pair was about to buy the company for $275 million and acquire around $225 million in debt.

However, the executives stated their plans to buy the enterprise was "illusory." The board confirmed they would have to file for bankruptcy because of the actions  of Contreras-Sweet and Burkle which led to the "unfortunate outcome for our employees."

The letter comes just two weeks after the New York Attorney General, Eric T. Schneiderman, filed a lawsuit against them in the name of the city for violating civil and human rights as well as business laws.

Ben Brafman, one of the attorneys for Harvey Weinstein, said the allegations are "entirely without merit." As you may know, Weinstein has been accused of varying levels of misconduct from nearly 80 women with Rose McGowan and Asia Argento being the most vocal.

The allegations reported by The New York Times kicked off the #MeToo movement which has rocked the world in its wake.

Moreover, actors and actresses have joined together in solidarity including at award's ceremonies like the Oscars, the Golden Globes, and the BAFTA's. Weinstein's company has completely fallen apart as well as his marriage to Georgina Chapman, who left him after ten years.

Celebrity Insider reported previously that two men at a bar in Arizona attempted to attack Weinstein while drunk and film it. However, their efforts were thwarted by the managers of the restaurant.

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