Dallas-based investment firm Lantern Capital has struck a deal to purchase the assets of Harvey Weinstein’s film and TV studio in a transaction that requires the troubled entertainment company to file for bankruptcy. (WSJ)
The company may yet be able to reorganize and continue to produce TV shows and films under new ownership. Lantern Capital put in a “stalking horse” bid, which provides a floor for a bankruptcy auction. (Variety)
According to the company statement, Lantern will work to maintain its employees and “purchase substantially all of the assets of the Company, subject to certain conditions including approval of the Bankruptcy Court.” Notably, the board also said it would release any non-disclosure agreements enacted by Weinstein. (USA Today)
The filing, submitted in Delaware, is the culmination of a long struggle to spare the formerly highflying studio from bankruptcy court. The move to seek protection from creditors owed hundreds of millions of dollars comes after the company tried and failed to sell assets to a group of investors led by billionaire Ron Burkle and former Obama administration official Maria Contreras-Sweet. (LA Times / Company Town)