Movies

Weienstein in deal with Goldman Sachs to wipe of debts

MUMBAI: In its bid to wipe out its $450 million debt, film studio Weinstein Co. has signed an agreement with Goldman Sachs Group Inc.


Weinstein will retain 150 titles including The Reader and Inglourious Basterds, Goldman and its partner Assured Guaranty Ltd. will have possession of titles including Halloween II and The Road.


Goldman was paid $115 million to take ownership of 250 films with $225 million in receivables and future cash flow that would wipe out Weinstein‘s debt. The studio can buy them back before 2016. Weinstein will manage the films. 


"Obviously this is an exciting time for the company," commented Harvey Weinstein. "It‘s always nice when a deal can be a win-win for all partners involved," he added.
Shares of Goldman Sachs declined by 20 per cent and fell 9 cents to $134.98in New York Stock Exchange composite trading.


Said Goldman in an e-mailed statement, "We believe that the restructuring will allow the Weinstein Company to continue to produce new films, and to create value for all of its stakeholders."
 

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