The Weinstein Co. (TWC) appears headed for bankruptcy four months after larger-than-life film mogul Harvey Weinstein was brought down by multiple allegations of sexual misconduct and assault, reports Hollywood Reporter.
Dropping a Sunday night bombshell, the board of TWC said it has no choice but to pursue bankruptcy in a sharply worded letter rebuking potential buyers Maria Contreras-Sweet and Ron Burkle, who were part of a group of investors looking to redeem the film and production company.
“While we deeply regret that your actions have led to this unfortunate outcome for our employees, our creditors and any victims, we will now pursue the Board’s only viable option to maximize the Company’s remaining value: an orderly bankruptcy process," the letter stated. Continuing, the letter says, "we must conclude that your plan to buy this company was illusory and would only leave this Company hobbling toward its demise to the detriment of all constituents."
Read the full report here.