One day after it filed for bankruptcy, the Weinstein Company Holdings announced in a March 20 court filing that it found an opening bidder to buy the company.
In a filing in federal bankruptcy court in Delaware, the motion picture company requested that the court approve a stalking horse agreement in which Dallas-based Lantern Capital Partners purchase the Weinstein Company for $310 million in cash, and also put down $125 million toward the bankrupt outfit’s liabilities.
A hearing is set for later on March 20 in which a judge may decide whether to approve the agreement.
The Weinstein Company’s Chapter 11 bankruptcy filing stated that it had between $500 million and $1 billion in assets, and also between $500 million and $1 billion in liabilities.
Harvey Weinstein, the company co-founder, has faced allegations of sexual assault and harassment from more than 70 women since October. The company, however, was struggling even before the allegations against Weinstein, as it tried and failed in 2016 to find a satisfactory bidder for its television business.
The company is headquartered in New York, and also has an office listed in Beverly Hills. Attempts to reach the company on March 20 were not immediately successful.
Media and entertainment reporter Matthew Blake can be reached at email@example.com or (323) 556-8332.
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