The Weinstein Company filed for bankruptcy Monday, Harvey Weinstein’s 65th birthday.
Plans for the filing were first announced on February 25, startling a group of investors — led by Maria Contreras-Sweet — then hoping to buy the studio’s assets.
Those negotiations ultimately fell though.
Lantern Capital has stepped in as the “stalking horse” bidder, requiring TWC to file for Chapter 11 to ascertain the value of its holdings.
A source close to the Contreras-Sweet negotiations previously told IndieWire that TWC’s $280 million debt killed that deal.Wilmington, Delaware will be the site of the U.S.
Bankruptcy Court filing.
“The Board selected Lantern in part due to Lantern’s commitment to maintain the assets and employees as a going concern,” said TWC in a statement.
“The Company hopes that this orderly sale process under the supervision of the Bankruptcy Court will allow it to maximize the value of the Company’s assets
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