A July 6 announced purchase agreement has allayed concerns of numerous people who sued the Weinstein Co., which declared for Chapter 11 bankruptcy.
Dallas private equity outfit Lantern Entertainment said it agreed to purchase Beverly Hills’ Weinstein Co. for a $289 million purchase price, an agreement a Delaware bankruptcy judge may approve at a July 11 hearing, which would end a four-month bankruptcy proceeding.
The deal was also greenlighted by the Unsecured Creditors’ Committee, a body in which the majority are composed of plaintiffs and their lawyers who sued the Weinstein Co., often as a co-defendant in sexual misconduct lawsuits against Weinstein.
The unsecured creditors previously balked at a $287 million purchase price, but said they are okay with the new deal. Bankruptcy Judge Mary Walrath is set to allocate how much money creditors receive.
Lantern has maintained that they should not assume any of the financial liability for Weinstein’s behavior.
Media and entertainment reporter Matthew Blake can be reached at (323) 556-8332 or firstname.lastname@example.org