Weinstein, the troubled movie company that failed in the wake of sexual harassment claims against co-founder Harvey Weinstein, filed for bankruptcy with plans to sell its entertainment assets.
Under a deal the company announced in a statement Monday, Weinstein will sell itself to an affiliate of Dallas-based Lantern Capital Partners.
The film studio, founded in 2005 by Mr Weinstein and his brother Bob, sought protection in Wilmington, Delaware, listing as much as $1 billion in debt and $1bn in assets. Mr Weinstein was fired from the company, and has denied non-consensual sex.
The company also agreed to release any women who settled sexual harassment claims involving the company from their non-disclosure agreements, freeing them to tell their stories without fear of being sued
“No one should be afraid to speak out or coerced to stay quiet,” the company said.
The proposed sale must be approved by a bankruptcy judge. Under the proposed reorganisation, Lantern would act as a so-called stalking horse, which means other bidders would have a chance to top that initial offer.
The filing comes after at least one other buyer backed out after discovering how high the company’s liabilities could go.
Maria Contreras-Sweet, a former head of the small-business administration under President Barack Obama, had formed a group to buy the company, emphasising that she wanted to advance women’s business ownership through a deal. But she announced March 6 that the group was pulling out after discovering the company’s liabilities are higher than the $225 million previously thought.
It was her second offer, after a November bid had also been made. Her group, which included billionaires Ron Burkle and Len Blavatnik, has indicated it would consider the assets again if they became available in a bankruptcy.
The scandal, which has grown to include more than 80 allegations of individual abuse, has become more of a media topic than the firm's highest grossing films like Django Unchained and The King's Speech.
Despite Mr Weinstein’s departure, troubles have snowballed, with partners and lenders distancing themselves and a February lawsuit from New York state alleging a pervasive culture of abuse. The complaint said "wing women" and sex scheduling by assistants were examples of how the company aided and abetted Mr Weinstein’s harassment while its board and executives looked on.
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Bankruptcies are often used to cleave profitable assets from legacy liability, with the economic rationale of giving a promising business a new start. They usually do so through a trust, which caps the amount that can flow out for issues like faulty products or toxic pollution exposure.
The lawsuit from New York Attorney General Eric Schneiderman implied that the initial $500m bid from Ms Contreras-Sweet might leave victims without enough funding for such a trust.
Mr Weinstein is one of many powerful men around the country being ousted amid a movement signified by #metoo and #timesup on social media. The Los Angeles district attorney even created a special task force to deal with a deluge of sexual abuse claims in the entertainment industry. The bankruptcy shows how difficult it can be for companies to sever themselves from key figures - an issue even trickier for entertainment companies, where "talent" is seen as a highly specialised asset.
Since Mr Weinstein’s departure, Tom Barrack’s Colony Capital has dropped plans to make a cash infusion, and Fortress Investment Group’s negotiations to provide a $35m lifeline were said to end.
One lender, AI International Holdings, affiliated with Len Blavatnik’s Access Industries, said in a lawsuit that Mr Weinstein’s departure from the company and the circumstances surrounding it were an event of default under a $45m loan. It entered into a forbearance agreement.
Apple, Viacom and A+E Television Networks had previously pulled projects with Weinstein Co.
The New York lawsuit said a four-month investigation showed how Mr Weinstein forced female employees to serve in "humiliating and demeaning roles that required them to facilitate and support" his sexual activity, including by accompanying him to parties as "wing women", where they introduced him to young women, and keeping space open on his calendar for sexual activity.
Actresses that have accused the company include Dominique Huett, who is suing for $5m; and Uma Thurman, who starred in some of Weinstein's hit movies, such as Pulp Fiction and the Kill Bill trilogy.
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Started: 2016
Founders: Hussein Nasser Eddin, Laila Akel, Tayeb Akel
Based: Ramallah, Palestine
Sector: Technology, Security
# of staff: 13
Investment: $745,000
Investors: Palestine’s Ibtikar Fund, Abu Dhabi’s Gothams and angel investors
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Voices: How A Great Singer Can Change Your Life
Nick Coleman
Jonathan Cape
England World Cup squad
Eoin Morgan (capt), Moeen Ali, Jofra Archer, Jonny Bairstow, Jos Buttler (wkt), Tom Curran, Liam Dawson, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, James Vince, Chris Woakes, Mark Wood
Takreem Awards winners 2021
Corporate Leadership: Carl Bistany (Lebanon)
Cultural Excellence: Hoor Al Qasimi (UAE)
Environmental Development and Sustainability: Bkerzay (Lebanon)
Environmental Development and Sustainability: Raya Ani (Iraq)
Humanitarian and Civic Services: Women’s Programs Association (Lebanon)
Humanitarian and Civic Services: Osamah Al Thini (Libya)
Excellence in Education: World Innovation Summit for Education (WISE) (Qatar)
Outstanding Arab Woman: Balghis Badri (Sudan)
Scientific and Technological Achievement: Mohamed Slim Alouini (KSA)
Young Entrepreneur: Omar Itani (Lebanon)
Lifetime Achievement: Suad Al Amiry (Palestine)
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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- Join parent networks
- Look beyond school fees
- Keep an open mind
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
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Name: Hassan Mohsen Elhais
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Rating: 3/5
