Following sex scandal, Weinstein Company to file for bankruptcy

The board had "no choice but to pursue its only viable option to maximize the Company's remaining value: an orderly bankruptcy process."

By REUTERS
February 26, 2018 10:27
Following sex scandal, Weinstein Company to file for bankruptcy

Hollywood film producer Harvey Weinstein gestures during the Allen and Co. media conference in Sun Valley. (photo credit: RICK WILKING / REUTERS)

The board of directors of The Weinstein Company said late Sunday the New York film and TV studio planned to file for bankruptcy after talks to sell it collapsed, several media outlets reported.


The company had been seeking a deal that would spare it from bankruptcy after more than 70 women accused film producer Harvey Weinstein, its ex-chairman and once one of Hollywood's most influential men, of sexual misconduct including rape. Weinstein denies having non-consensual sex with anyone.


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"The Weinstein Company has been engaged in an active sale process in the hopes of preserving assets and jobs," the board said in a statement, reported by newspapers including the San Francisco Chronicle and the Los Angeles Times. "Today, those discussions concluded without a signed agreement."


The board had "no choice but to pursue its only viable option to maximize the Company's remaining value: an orderly bankruptcy process."


There was no immediate confirmation of the plan on the company's website or Twitter feed.


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