The Weinstein Company Files for Bankruptcy

The Weinstein Company Files for Bankruptcy

3/19/2018 8:23 PM PDT

Breaking News

Harvey Weinstein's The Weinstein Company has filed for bankruptcy after a wave of sexual misconduct allegations against the company's founder.

In a statement Monday, the company announced it has entered into a "stalking horse" agreement with Lantern Capital Partners out of Dallas. As part of its bankruptcy protection filing, Lantern has allegedly agreed to purchase The Weinstein Co. if the court approves.

Lantern's offer is reportedly between $300-$320 million.

As TMZ reported, TWC started to fall apart in October after several women -- including some Hollywood A-Listers -- came forward with sexual misconduct allegations against Harvey Weinstein.

The allegations against Weinstein gave birth to the #MeToo and #TimesUp movements. 

Weinstein has been the target of several criminal investigations across the country but has not yet been officially charged. 

The producer's been in Arizona getting treatment for a sex addiction.

from TMZ.com http://ift.tt/2IEP46C