Final Straw for Weinstein Company
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The Weinstein Company has filed for bankruptcy in the wake of countless sexual harassment allegations in the past few months. Since October, dozens of women have come forward with allegations of sexual assault against the ex-producer.
The final move for the tarnished company is intended to facilitate a buy-out offer from a private equity firm. The film and TV studio also stated any victims of Weinstein’s alleged actions would be released from non-disclosure deals, preventing them from speaking out.
Weinstein, still to this day, denies all claims, stating all his sexual relations were consensual.
He was fired when the allegations were first reported in October 2017. Since then there has been a movement from the women and men of Hollywood, to put a stop to harassment in the industry. The company will be known as the first high profile bankruptcy as a direct result of sexual misconduct.
The company was founded in 2005 by Harvey and his brother Bob. There was also an announced ‘stalking-horse’ agreement with Lantern Capital Partners private equity. This means that the firm would buy assets if approved by a bankruptcy court. The Weinstein Company chairman Bob Weinstein said in a statement:
‘While we had hoped to reach a sale out of court, the board is pleased to have a plan for maximising the value of its assets, preserving as many jobs as possible and pursuing justice for any victims.’
A fitting end to what has probably been the worst case of Hollywood’s underbelly brought to light. Weinstein has yet to be arrested for anything, however.