The Weinstein Company, the movie production company co-founded by embattled executive Harvey Weinstein, filed for Chapter 11 bankruptcy and plans to sell its entertainment assets, according to Bloomberg.
Lantern Capital Partners plans to purchase Weinstein Co., which has as much as $1 billion in debt and $1 billion in assets, for an undisclosed amount. Other bidders still have an opportunity to top Lantern's initial offer, and the sale must still be approved by a bankruptcy judge.
Mr. Weinstein founded the company in 2005 with his brother Bob and was recently fired after nearly 80 accusations of rape, sexual assault and sexual harassment cropped up over the past several months. A lawsuit has been filed against the company for forcing female employees to help facilitate and schedule sexual encounters for Mr. Weinstein.