The Weinstein company has announced it has filed for bankruptcy, unable to stay afloat in the wake of its co-founder’s sexual misconduct and abuse allegations. The company has also lifted any non-disclosure agreements preventing victims or witnesses of Harvey Weinstein from talking freely. The latter was long pressed by New York State Attorney General Eric Schneiderman.
“No one should be afraid to speak out or coerced to stay quiet,” the company said. “The Company thanks the courageous individuals who have already come forward. Your voices have inspired a movement for change across the country and around the world.”
It should be noted, however, that any payouts will go to secured creditors first and only then to the women who have sued the company.
At this point in time, the company may be able to produce television shows and films under new ownership. Dallas-based investment firm Lantern Capital put in a “stalking horse” bid to buy the company and to essentially sell its assets.
Weinstein was fired by his own company in October 2017 as The New York Times published an explosive investigation into decades of abuse, assault and rape by the film mogul. Weinstein has denied any allegations of non-consensual sex.