The Weinstein Co.
has agreed to postpone its bankruptcy auction date by two days in order to give creditors more time to evaluate the bids.At a hearing on Friday, a Delaware bankruptcy judge agreed to schedule the auction for May 4, instead of the original date of May 2.
A hearing to confirm the sale was set for May 8, a postponement of four days.A committee of unsecured creditors — which represents victims of Weinstein’s sexual abuses — had raised concerns about the speed of the sale, saying it could result in a sale for less than the company’s maximum value.
At the hearing, Weinstein Co.
attorney Paul Zumbro emphasized that a timely transaction is important to maintain the value of the company.“We need to move quickly in order to preserve our client’s rights and business relationships,” Zumbro said.The company modified its bid procedures to address other objections raised by interested parties.
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