The Weinstein Company to file for bankruptcy

The board of directors of The Weinstein Company said late Sunday the brand-new York film in addition to TV studio planned to file for bankruptcy after talks to sell the idea collapsed, several media outlets reported.

The company had been seeking a deal of which would certainly spare the idea coming from bankruptcy after more than 70 women accused film producer Harvey Weinstein, its ex-chairman in addition to once one of Hollywood’s most influential men, of sexual misconduct including rape. Weinstein denies having non-consensual sex with anyone.

“The Weinstein Company has been engaged in an active sale process within the hopes of preserving assets in addition to jobs,” the board said in a statement, reported by newspapers including the San Francisco Chronicle in addition to the Los Angeles Times.

“Today, those discussions concluded without a signed agreement.”

The board had “no choice however to pursue its only viable option to maximize the Company’s remaining value: an orderly bankruptcy process.”

There was no immediate confirmation of the plan on the company’s website or Twitter feed.

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