Weinstein Co. expected to file for bankruptcy
Last-ditch talks to sell company's assets to an investor group collapse, board of directors says
The Weinstein Co.'s board of directors says it is expected to file for bankruptcy protection after last-ditch talks to sell its assets collapsed.
Now-disgraced movie mogul Harvey Weinstein co-founded the company in 2005. He was fired last October after accusations surfaced of sexual assault and harassment by dozens of women, but he has denied all allegations.
Weinstein Co. has been searching for a financial saviour ever since.
The Los Angeles Times reports the board said Sunday night it has no choice but to pursue bankruptcy.
The decision came after the board was unable to revive a deal to sell the struggling studio for about $500 million US to an investor group.
As part of the pact, the bidders had promised to raise at least $40 million for a fund to compensate women who have accused Weinstein of sexual assault and harassment.