TWC(NEW YORK) — The Weinstein Company filed for bankruptcy on Monday night, according to Variety. The news comes after months of accusations of sexual misconduct against co-founder Harvey Weinstein.
The movie company is looking to be bought by Lantern Capital, which is entering a “stalking horse bid.”
“The Board selected Lantern in part due to Lantern’s commitment to maintain the assets and employees as a going concern,” the Weinstein Company said in a statement. “The Company hopes that this orderly sale process under the supervision of the Bankruptcy Court will allow it to maximize the value of the Company’s assets for the benefit of its creditors and other stakeholders.”
The Weinstein Company will reportedly be sold to Lantern for around $300 million to $320 million.
The board also states all employees are now released from their non-disclosure agreements, allowing them to speak out about the allegations.
“No one should be afraid to speak out or coerced to stay quiet,” the statement reads. “The Company thanks the courageous individuals who have already come forward. Your voices have inspired a movement for change across the country and around the world.”
Co-founder Harvey Weinstein led the independent powerhouse with acclaimed films like The Artist, Django Unchained and The King’s Speech before stepping down amidst the sexual abuse allegations.
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