The Weinstein Company Files For Bankruptcy

The saga of the Harvey Weinstein scandal continues, with more repercussions for his studio. TMZ reports that The Weinstein Company has filed for bankruptcy. It has lost a lot of money and is the target of multiple lawsuits after news of the scandal broke in October. Multiple women have accused the producer of sexual harassment, assault and rape. The lawsuits claim that TWC executives new of Weinstein’s misconduct but did nothing about it. Multiple investors have since left the company and the Board of Directors were left with no other options.

At one point, Colony Capital’s Tom Barrack was interested in buying TWC, but eventually decided to back out due to a lack of upside. The same can be said for Maria Contreras-Sweet, former head of the Small Business Administration in the Obama administration, who had formed an investor group.