The Weinstein Company Files for Bankruptcy, Voids Non-Disclosure Agreements
The Weinstein CompanyFiles for BankruptcyVoids Non-Disclosure Agreements
3/19/2018 8:23 PM PT
Harvey Weinstein's The Weinstein Company has filed for bankruptcy after a wave of sexual misconduct allegations against the company's founder.
In a statement Monday, the company announced it has entered into a "stalking horse" agreement with Lantern Capital Partners out of Dallas. As part of its bankruptcy protection filing, Lantern has allegedly agreed to purchase The Weinstein Co. if the court approves.
Lantern's offer is reportedly between $300-$320 million.
The company also effectively voided all non-disclosure agreements with employees, stating their hopes that those agreements -- which were used "as a secret weapon to silence (Weinstein's) accusers" -- will not silence anyone anymore. They stated, "no one should be afraid to speak out or coerced to stay quiet. The Company thanks the courageous individuals who have already come forward."