Weinstein Co files for bankruptcy, ends all non-disclosure agreements

Mar 21, 2018 06:00 am

US film and TV studio The Weinstein Company, whose ex-chairman Harvey Weinstein has been accused of sexual harassment and assault, said on Monday that it had filed for bankruptcy in Delaware and was ending all non-disclosure agreements that may have silenced some women.

Listing US$500 million (S$658 million) to US$1 billion in liabilities and US$500 million to US$1 billion in assets, it said it entered into a "stalking horse" agreement with an affiliate of private equity firm Lantern Capital Partners to acquire its assets. The offer from Lantern will set the floor for higher and better bidders in a court-supervised auction.

"Since October, it has been reported that Harvey Weinstein used non-disclosure agreements as a secret weapon to silence his accusers. Effective immediately, those agreements end," the company said in an e-mailed statement.

Last month, New York Attorney-General Eric Schneiderman sued The Weinstein Company, Weinstein and his brother Bob Weinstein, alleging that Weinstein sexually harassed employees and the company failed to respond.

Bob Weinstein co-founded the company and is the co-chairman.

"This is a watershed moment for efforts to address the corrosive effects of sexual misconduct in the workplace," Mr Schneiderman said in a statement. - REUTERS