The Weinstein Company to Declare Bankruptcy After Sale Talks Fail

Ashley Judd is one of the women that accused Harvey Weinstein of sexual misconduct

The Weinstein Company has reportedly announced plans to file for bankruptcy after talks to sell the troubled studio collapsed. Sunday. The company blamed the investor group for the collapse of a $500 million bid backed by billionaire Ron Burkle.

The Weinstein Company had been close to inking an agreement this month to be taken over by investors led by former Obama administration official Maria Contreras-Sweet for more than $500 million, but a lawsuit filed by New York's Attorney General Eric Schneiderman on February 11 complicated the negotiations.

"The board also slams Contreras-Sweet and Burkle for apparently failing to deliver "'gold standard' human resources policies" and increasing the company's liabilities, ultimately "charting a financial path that will fail". Plans had gone far enough for Contreras-Sweet to outline her plans for the company, including a name change and a rehauled workplace.

Weinstein has denied any accounts of non-consenusal sex. The following day, Attorney General Eric Schneiderman blasted the proposed sale and questioned the existence of the promised victims fund based on documents he'd reviewed.

The following day the NY attorney general, Eric Schneidermann, criticised the proposed sale and David Glasser, the production company's chief operating officer whose close ties with the Weinsteins have seen him called the "third brother", who was subsequently sacked by the board.

"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 said in a statement to the Times.

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More than 100 women have now accused Weinstein of decades of sexual misconduct, leading not only to his career annihilation but to a United States reckoning about harassment and abuse that has toppled a litany of powerful men in various sectors.

In the wake of the allegations, Weinstein was sacked by the board of the company he co-founded with his brother Bob in 2005.

Weinstein has been accused of varying degrees of sexual misconduct from a number of famous actresses including Rose McGowan and Ashley Judd - who were two of the first actresses to speak out publically. Other new conditions make clear that a closing, if one were to happen at all, could take many months (or longer).

From left: Harvey Weinstein and Quentin Tarantino.

It revealed that they had sacked David Glasser, the former chief operating officer who had been earmarked to stay under the buyout, but whom Schneiderman said had covered up years of Weinstein's abuse.

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