Time To Pay Up: Weinstein Co’s $45 Million Loan Called In
AI International Holdings sued Harvey Weinstein’s film company for defaulting on a $45 million loan from 2016.
AI International called out Weinstein’s debt after he was hit with sexual assault and rape allegations from several prominent Hollywood actresses. The scandal forced Weinstein to resign from the company’s board of directors, and triggered his removal from the Academy of Motion Pictures Arts and Sciences.
The lending company also wants attorney’s fees and expenses payed and is seeking the entire amount of the loan plus interest, according to The Hollywood Reporter on Monday.
The Weinstein Company issued a promissory note last year, and was notified it was in default on Oct. 10. The company has failed to make two interest payments since then, causing AI to take them to court for breach of contract.
Weinstein was named as a co-defendant in the lawsuit, and is said to be attempting to restructure the company despite rumors of it being on the verge of bankruptcy.
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