The Weinstein Company Is Filing for Bankruptcy

The Weinstein Company, co-founded by disgraced movie producer Harvey Weinstein, will file for bankruptcy protection after a last-ditch effort to save the studio collapsed. The company has been searching for a financial savior after Weinstein was fired last October, following accusations of sexual misconduct made against him by dozens of women, sending the studio into crisis. The Los Angeles Times reported late Sunday night that a proposed deal led by President Obama’s former Small Business Administrator Maria Contreras Sweet—which would have seen the company renamed and a new majority-women board put in place—collapsed, and the board said it would seek bankruptcy. In a statement, the board said: “While we recognize that this is an extremely unfortunate outcome for our employees, our creditors and any victims, the board has no choice but to pursue the only viable option to maximize the company’s remaining value: an orderly bankruptcy process.”