Harvey Weinstein’s company facing bankruptcy

Board unable to revive a deal to sell struggling film studio for about $500m

The board of Harvey Weinstein’s company is expected to file for bankruptcy protection. File photograph: John Carucci/AP.
The board of Harvey Weinstein’s company is expected to file for bankruptcy protection. File photograph: John Carucci/AP.

The board of Harvey Weinstein’s company is expected to file for bankruptcy protection after last-ditch talks to sell its assets collapsed.

The now-disgraced movie mogul co-founded the Weinstein Co studio in 2005.

He was fired last October after being accused of sexual assault and harassment by dozens of women. He has denied all the allegations.

The Weinstein Co has been searching for a financial saviour ever since.

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The Los Angeles Times reports that the directors said on Sunday night that there is no option but to pursue bankruptcy.

The decision came after the board was unable to revive a deal to sell the struggling film studio for about $500 million US dollars (€405.9 million) to an investor group.

“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 “Today, those discussions concluded without a signed agreement.”

As part of the pact, the bidders had promised to raise at least $40 million dollars (€32.5 million) for a fund to compensate Weinstein’s accusers. -AP