The Weinstein Co. declares bankruptcy, releases some employees from NDAs

Harvey Weinstein.
(Image credit: Getty Images)

The Weinstein Co. has filed for bankruptcy, the company announced Monday, after dozens of women accused co-founder Harvey Weinstein of sexual misconduct and harassment.

Several women came forward last fall with their allegations of abuse against Weinstein, at the time one of the most powerful producers in Hollywood, and as more and more accusations were made, the company couldn't stay afloat. Earlier this month, a group of investors announced they made a deal to buy the Weinstein Co., but that collapsed after it was determined the company had more debt than previously disclosed.

The Weinstein Co.'s board announced Monday that the private equity firm Lantern Capital has made a "stalking horse" bid for the company's assets, which sets a floor for a bankruptcy auction. As part of its negotiations with New York Attorney General Eric Schneiderman, some of the Weinstein Co.'s employees have also been released from nondisclosure agreements. "No one should be afraid to speak out or be coerced to stay quiet," the Weinstein Co. said in a statement. "The company thanks the courageous individuals who have already come forward. Your voices have inspired a movement for change across the country and around the world."

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
To continue reading this article...
Continue reading this article and get limited website access each month.
Get unlimited website access, exclusive newsletters plus much more.
Cancel or pause at any time.
Already a subscriber to The Week?
Not sure which email you used for your subscription? Contact us
Catherine Garcia, The Week US

Catherine Garcia is night editor for TheWeek.com. Her writing and reporting has appeared in Entertainment Weekly and EW.com, The New York Times, The Book of Jezebel, and other publications. A Southern California native, Catherine is a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.