The Weinstein Co. announced Monday it had filed for bankruptcy following a flood of allegations last fall of sexual abuse involving cofounder Harvey Weinstein, according to a report.
The company also released its employees from nondisclosure agreements as negotiations between the Weinstein Co. and New York Attorney General Eric Schneiderman continue, Variety reports.
Recommended Stories
“The Board selected Lantern in part due to Lantern’s commitment to maintain the assets and employees as a going concern,” the company said in a statement obtained by Variety. “The Company hopes that this orderly sale process under the supervision of the Bankruptcy Court will allow it to maximize the value of the Company’s assets for the benefit of its creditors and other stakeholders.”
Schneiderman said in a statement Monday the move will “finally enable voices that have for too long been muzzled to be heard.”
“My office will continue to fight for victims’ best interests throughout the bankruptcy proceedings, and engage with all parties, including The Weinstein Company and Lantern, in an ongoing effort to advance the principles we set forward when we filed our complaint: ensuring that victims are compensated, employees are protected moving forward, and perpetrators and enablers of abuse are not unjustly enriched,” Schneiderman said in the statement.
“Our lawsuit against The Weinstein Company, Bob Weinstein, and Harvey Weinstein remains active and our investigation is ongoing,” he added.
