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UPDATE 1-The Weinstein Company files for bankruptcy

From Reuters - March 19, 2018

NEW YORK (Reuters) - U.S. film and TV studio The Weinstein Company, whose ex-Chairman Harvey Weinstein has been accused of sexual harassment and assault, said on Monday it filed for bankruptcy with an offer from an affiliate of private equity firm Lantern Capital Partners to acquire its assets.

The Weinstein Company filed for bankruptcy in the Delaware court, listing $500 million to $1 billion in liabilities and $500 million to $1 billion in assets. bit.ly/2prGdNm

The studios bankruptcy comes after it spent months looking for a buyer or investor. The company inked a deal with an investor group led by former Obama administration official Maria Contreras-Sweet, but the group terminated its offer earlier this month after seeing that the company had more liabilities than previously disclosed.

Weinstein Co said in a statement it entered into a stalking horse agreement with a Lantern Capital affiliate, that would purchase substantially all of the assets of the company.

The offer from Lantern will set the floor for higher and better bidders in a court-supervised auction.

Lions Gate Entertainment Corp had made an earlier offer for some of the companys assets, as had Qatar-owned film company Miramax, which was founded by Harvey Weinstein and his brother Bob Weinstein. Both could be among potential bidders in the auction.

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