The Weinstein Company to file for bankruptcy

The board of directors of The Weinstein Company said on Sunday that the New York film and TV studio planned to file for bankruptcy after talks to sell it collapsed, media outlets reported.

It had been seeking a deal that would spare it from bankruptcy after more than 70 women accused film producer Harvey Weinstein, its former chairman and once one of Hollywood's most influential men, of sexual misconduct including rape.

He denies having non-consensual sex with anyone.

"The Weinstein Company has been engaged in an active sale process in the hope of preserving assets and jobs," the board said in a statement.

"Today, those discussions concluded without a signed agreement."

The board had "no choice but to pursue its only viable option to maximise the company's remaining value: An orderly bankruptcy process". - REUTERS