Weinstein Company files for bankruptcy

Weinstein Company files for bankruptcy

Weinstein Brothers

MUMBAI: The Weinstein Company, producer of movies such as Inglorious Bastards and Lion, has filed for bankruptcy. The move, intended to facilitate a buy-out offer from a private equity firm, came months after ex-chairman Harvey Weinstein has been accused of sexual harassment and assault.

In a press release, the company said it would be releasing all employees from non-disclosure agreements. After spending months looking for a buyer or investor, it has entered into a “stalking horse” agreement with a Lantern Capital affiliate. Lantern affirmed its commitment to “maintaining the company’s assets and employees as a going concern.”

Harvey Weinstein, once a big name in Hollywood, has been accused of sexual misconduct by more than seven women. According to reports, he used non-disclosure agreements as a secret weapon to silence his accusers. Company termed its latest move as “an important step toward justice for any victims who have been silenced by Harvey Weinstein.”

“No one should be afraid to speak out or coerced to stay quiet. 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,” the statement said.

The studio produced and distributed critically acclaimed hits including The King’s Speech and Silver Linings Playbook and The Artist as well as TV series such as long-running fashion reality competition Project Runway. 

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