Weinstein Company Heading For Bankruptcy

REUTERS/Mike Segar

David Krayden Ottawa Bureau Chief
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The Weinstein Company is just days away from filing for bankruptcy because it can’t find a buyer willing to pay its asking price, the New York Times reports.

The embattaled company of disgraced Hollywood bigwig Harvey Weinstein released a statement Sunday confirming the worst.

“While we recognize that this is an extremely unfortunate outcome for our employees, our creditors and any victims, the board has no choice,” declared the statement. “Over the coming days, the company will prepare its bankruptcy filing with the goal of achieving maximum value in court.”

According to the Times, Maria Contreras-Sweet, who represented an interested group of investors, was unable to nail down enough money from the potential buyers to go through with the deal.

Neither Contreras-Sweet nor anyone from her group had any comment for the Times on the apparently failed negotiations. For three years, Contreras-Sweet was responsible for U.S. small business administration in the Obama administration. She was offering $220 million for the Weinstein Company in a deal that would have seen the investors stuck with the company’s $225 million debt.

Weinstein remains embroiled in a massive series of sexual misconduct allegations leveled at the one-time Hollywood producer by multiple actresses.

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