NEW YORK: US film and TV studio The Weinstein Company, whose ex-chairman Harvey Weinstein has been accused of sexual harassment and assault, said Monday it had filed for bankruptcy with an offer from with an affiliate of private equity firm Lantern Capital Partners to acquire its assets.
The studio’s bankruptcy comes after it spent months looking for a buyer or investor.
The company inked a deal with an investor group led by former Obama administration official Maria Contreras-Sweet but the group terminated its offer earlier this month after seeing that the company had more liabilities than previously disclosed.
Weinstein Co said in a statement it entered into a “stalking horse” agreement with a Lantern Capital affiliate that would purchase substantially all of the assets of the company.
More than 70 women accused the company’s co-founder, Harvey Weinstein, who was one of Hollywood’s most influential men, of sexual misconduct, including rape. Weinstein has denied having non-consensual sex with anyone.
Movie producer Killer Content also said bankruptcy would be the best option for the company and that it may be interested in the studio’s assets in a bankruptcy auction.
In February, New York Attorney-General Eric Schneiderman sued the Weinstein Company, Harvey Weinstein, and his brother Bob Weinstein, alleging that Harvey Weinstein sexually harassed employees and the company failed to respond.
Bob Weinstein co-founded the company and is the co-chairman.
Launched in October 2005, the studio produced and distributed critically acclaimed hits including The King’s Speech and Silver Linings Playbook, as well as TV series such as long-running fashion reality competition Project Runway.