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Weinstein Co. expected to file bankruptcy after talks fail

Weinstein Co. expected to file bankruptcy after talks fail | iNFOnews.ca
FILE - In this Nov. 23, 2011 file photo, film producer Harvey Weinstein poses for a photo in New York. The Weinstein Co.'s board of directors says the company, co-founded in 2005 by Weinstein, is expected to file for bankruptcy protection after last-ditch talks to sell its assets collapsed. AP Photo/John Carucci, File

LOS ANGELES – The Weinstein Co.'s board of directors says the company is expected to file for bankruptcy protection after last-ditch talks to sell its assets collapsed.

Now-disgraced movie mogul Harvey Weinstein co-founded the company in 2005. He was fired last October after being accused of sexual assault and harassment by dozens of women. Weinstein Co. has been searching for a financial saviour ever since.

Weinstein has denied all allegations.

The Los Angeles Times reports the board said Sunday night it has no choice but to pursue bankruptcy.

The decision came after the board was unable to revive a deal to sell the struggling studio for about $500 million to an investor group.

As part of the pact, the bidders had promised to raise at least $40 million for a fund to compensate Weinstein's accusers.

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Howard Alexander

Assistant Editor Howard Alexander comes to iNFOnews.ca from the broadcasting side of the media business.

Howard has been a reporter, news anchor, talk show host and news director, first in Saskatchewan and then the Okanagan.

He moved his family to Vernon in the 90s and is proud to call the Okanagan home.

If you have an event to share contact Howard at 250-309-5343or email halexander@infonews.ca.

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