Weinstein Company Goes Bankrupt, Ends Non-Disclosure Agreements
Published Mar 20, 2018The Weinstein Company has filed for bankruptcy, and ended all non-disclosure agreements in the process.
Filing for bankruptcy in Delaware court, the company listed between $500 million USD and $1 billion USD in liabilities, as well as $500 million USD to $1 billion USD in assets.
The assets have now been acquired by Lantern Capital Partners, in the hopes of attracting better bids in a court-supervised auction. Rumoured interested parties include Lions Gate Entertainment Corp, Miramax and Killer Content.
The move follows a number of failed attempts to sell the company's assets to various investors — which even included JAY-Z at one point.
Last year, the film company's co-founder and co-namesake Harvey Weinstein was accused of sexual harassment and assault by more than 70 women. His brother and co-founder Bob Weinstein was also accused of sexual harassment by a female Spike TV showrunner.
Last month, both Weinstein brothers were sued by New York Attorney General Eric Schneiderman, who claimed that the company had failed to respond to sexual harassment against employees.
The Weinstein Company has also confirmed that with the declaration of bankruptcy and sale of their assets, all non-disclosure agreements have been terminated. It is widely believed that many of Weinstein's accusers were silenced by such contracts.
In an email to Thomson Reuters, the company said: "Since October, it has been reported that Harvey Weinstein used non-disclosure agreements as a secret weapon to silence his accusers. Effective immediately, those 'agreements' end."