The Weinstein Company, Bankruptcy Inevitable, But Company Says BS
The Weinstein Co.Bankruptcy Inevitable ...But Company Says BS
10/25/2017 12:50 AM PT
The Weinstein Company is in financial freefall thanks to the misdeeds of Harvey Weinstein and bad management, and the company is expected to file for bankruptcy within weeks ... this according to sources who have had access to the company's financial records, but TWC says that's not the case.
As one informed source put it, "There's an unstoppable meltdown and bankruptcy is inevitable." Our sources say the company is essentially without assets. TWC is leveraged to the hilt, especially the film library. Deals have fallen apart, financial backers are bailing by the boatload and, as one source put it, "The Weinstein Company can't survive this way, and bankruptcy will come in a matter of weeks."
Bankruptcy will stave off creditors, but it ultimately won't help with survival ...this according to the sources who have seen the books. We're told Colony Capital, which was on the road to acquiring the company, is backing off after getting a read on the finances and the chaos within the company.
A spokesperson for TWC tells us, "Any suggestion that The Weinstein Company is on the verge of imminent bankruptcy is complete fiction. Clearly, TMZ is being lied to by anonymous sources with hidden agendas."