Former Hollywood production powerhouse the Weinstein Company announced Monday their plans to file for bankruptcy after a last-minute deal to salvage the studio fell apart; ending months of speculation about the future of the business following Harvey Weinstein’s shocking sexual revelations.
“While we recognize that this is an extremely unfortunate outcome for our employees, our creditors and any victims, the board has no choice,” the company’s statement said. “Over the coming days, the company will prepare its bankruptcy filing with the goal of achieving maximum value in court.”
According to the New York Times, the news comes as Weinstein executives struggled to ink a deal with billionaire investors to save the studio; selling assets and other properties to prop-up the failing business.
Those negotiations fell apart during late-night discussions Sunday evening.
“Late last night, you returned to us an incomplete document that unfortunately does not keep your promises,” said a letter from one potential investor. “That is regrettable, but not in our power to change.”
The Weinstein Company’s eventual bankruptcy comes as law enforcement prepares to press charges against disgraced Hollywood big wig Harvey Weinstein; claiming the high-powered executive sexually assaulted multiple women in New York, Los Angeles, and London.