Independent film studio The Weinstein Co. has agreed to a major debt restructuring that gives Goldman Sachs Group and an insurance company possession of more than 200 films in its library, including "The Road" and "Halloween II."
The restructuring, finalized by the companies Wednesday, is designed to allow Weinstein Co. to continue as a going concern and resolve the financial struggles that beset the studio shortly after it opened in 2005.
If successful, the restructuring should help the Weinstein Co. get back on its feet and become debt-free. Goldman Sachs and Assured Guaranty Ltd., which insured some of the company's debt, will now own as many as 250 Weinstein films as well as a small portion of the Weinstein Co.'s future projects, including the upcoming summer horror movie, "Piranha 3-D."
• Read the full Wall Street Journal story.
• Read the full The Wrap story.
For reprint and licensing requests for this article, CLICK HERE.
Stories You May Also Be Interested In
- Disney Formally Calls Off Miramax Talks With Weinsteins
- Burkle, Not Weinsteins, Would Own Miramax Under Proposed Deal
- Report: Weinsteins, Burkle in Exclusive Miramax Talks
- Burkle, Weinsteins Deny Talks Failed on Miramax
- Weinstein Brothers Back in Miramax Picture
- Report: Disney Agrees to Sell Miramax to Tutor for $675M
- Spyglass Emerges as Lead Candidate to Run MGM
- Metro-Goldwyn-Mayer Gets Another Reprieve