[Photo by: David Shankbone/Wikimedia Commons]
Harvey Weinstein's production outfit, The Weinstein Company, is taking steps toward bankruptcy, according to a new report from CNN Money. The disgraced movie executive was fired from his namesake studio last year after numerous women accused him of sexual harassment and assault.
While an agreement to sell off the movie firm's assets was originally in the works, The Weinstein Company's board of directors now say that the potential buyers were unwilling to supply interim financing to keep the company above water before a prospective deal was finalized.
“It is simply impossible to avoid the conclusion that you have no intention to sign an agreement … and no desire to save valuable assets and jobs,” the board wrote. “We will now pursue the board's only viable option to maximize the company's remaining value: an orderly bankruptcy process.”
The Weinstein Company has apparently been warding off bankruptcy since October's bombshell New York Times investigation that leveled years' worth of sexual misconduct allegations against Weinstein. According to Teen Vogue, the list of accusers includes well-known actresses such as Cara Delevingne, Gwyneth Paltrow, and Angelina Jolie.
On Sunday, Variety obtained a copy of the board's letter about the looming bankruptcy. Per the NME, the collapse of a potential $500 million deal with the investors group seemingly prompted the memo. Weinstein originally founded the movie studio in 2005 with his brother, Bob Weinstein.
Read the full text of the letter, via Variety, below: