The Weinstein Company Set To Declare Bankruptcy

The Weinstein Company is heading into bankruptcy.

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Variety reports the production company, co-founded by embattled producer Harvey Weinstein, had been in sale talks since allegations of sexual misconduct against Weinstein emerged in October 2017.

On Sunday, The Weinstein Company board members released a letter announcing that after a $500-million deal for investors to purchase the company fell apart, the company will declare bankruptcy.

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According to Variety, the deal had been close to being finalized two weeks ago until New York Attorney General Eric Schneiderman filed a lawsuit against the company alleging that they had covered up Weinstein’s alleged behaviour, which caused the deal to fall apart.

Harvey Weinstein resigned from the company in October.

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