The Weinstein Company to Declare Bankruptcy
After months in limbo, it seems the final credits may be rolling for The Weinstein Company and its disgraced co-founder, Harvey Weinstein.
The board of TWC made the status of the company known on Sunday evening in a letter written to potential investors Maria Contreras-Sweet and Ron Burkle after the collapse of their deal.
"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 reads.
Not mincing words, the board’s letter continues, "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.”
According to the letter’s content, it seems the deal was called off after Contreras-Sweet and Burkle failed to front TWC the necessary money to maintain operations.