A deal to save The Weinstein Co. from bankruptcy has collapsed for a second time after the investor group, led by Ron Burkle and Maria Contreras-Sweet, pulled out.
According to Variety, the deal fell through on March 6. “We have received disappointing information about the viability of completing this transaction,” Contreras-Sweet said in a statement. “As a result, we have decided to terminate this transaction.”
The $500 million agreement was struck on March 1, days after the troubled film company and the investor group had declared the deal dead. The turnaround came after a long negotiation session in the office of New York Attorney General Eric Schneiderman.
The latest twist in the story could mean the end of TWC, which has been embroiled in scandal since last fall, when co-founder Harvey Weinstein was accused of rape and sexual harassment by more than 25 women. He was fired from the company and resigned from the board in October.