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."
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