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Weinstein Company Bankrupt

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Privately-held Weinstein Company Holdings and more than 50 affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 18-10601.

The Company, which creates, produces, and distributes feature films and premium television content, is represented by Mark D. Collins of Richards, Layton & Finger.

According to documents filed with the Court, “The purpose of the Debtors’ bankruptcy proceedings is to permit an orderly sale of substantially all of the Debtors’ assets pursuant to Section 363 of the Bankruptcy Code (the ‘Asset Sale’) in order to maximize the value of the estate for the benefit of creditors and other stakeholders.” The Company has entered into a stalking horse agreement with an affiliate of Lantern Capital for the purchase of substantially all of its assets.

Noting the cause of its Chapter 11 filing, Company C.R.O., Robert Del Genio, explains, “To date, more than 80 women have stepped forward to accuse Harvey Weinstein – a man whose name is eponymous with TWC – of sexual harassment, assault or rape. There have been numerous news reports, articles, opinion pieces, blogposts and even a television special concerning their accusations. Allegations have been reported worldwide, prompting police departments in both the United States and the United Kingdom to open investigations and sparking the international #metoo and Time’s Up campaigns….Notwithstanding the Board’s swift action, the backlash against the Company was immediate and intense. Many contractual counterparties refused to continue normal business dealings with TWC, and many publicly announced their decision to sever ties.”

Weinstein Company Holdings’ Chapter 11 petition indicates total assets greater than $500 million.

Read more Weinstein bankruptcy news.

The post Weinstein Company Bankrupt appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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