Though The Weinstein Company was believed to be closing in on a sale over the weekend, the board sent a letter to investors on Sunday announcing its plan to declare for bankruptcy. According to Variety, investors Ron Burkle and Maria Contreras-Sweet were in negotiations to buy the company, negotiations that ended because the two could not put up adequate cash according to a statement from the board. Two weeks ago, New York Attorney General Eric Schneiderman halted progress on what seemed to be an imminent deal by filing suit against the company for enabling Harvey Weinstein’s serial sexual abuses. Though the investors and the board made progress on negotiations after Schneiderman filed suit, they were ultimately unable to reach an agreement.
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