Weinstein Company saved from brink of bankruptcy

Richard Shotwell  Invision  AP File Producer Harvey Weinstein appears at a panel discussion in Pasadena Calif. Jan. 6 2016

Richard Shotwell Invision AP File Producer Harvey Weinstein appears at a panel discussion in Pasadena Calif. Jan. 6 2016

But New York Attorney General Eric Schneiderman upended the negotiations on 11 February by filing a suit against the Weinstein Company, Harvey Weinstein and his brother, Bob, alleging that Harvey Weinstein sexually harassed employees and the company failed to respond. She went on to describe, in part, how this new company (with an as-yet-unknown new name) will be different from The Weinstein Company, which has been accused of covering up Harvey Weinstein's transgressions. "We consider this to be a positive outcome under what have been incredibly hard circumstances".

"We greatly appreciate the efforts of Attorney General Schneiderman and his staff, Maria Contreras-Sweet, Ron Burkle and his team at Yucaipa for bringing about this agreement".

"The cornerstone of our plan has been to launch a new company that represents the best practices in corporate governance and transparency", Contreras-Sweet said.

The announcement came just days after the NY studio declared it would file for bankruptcy, as talks to sell the company to the investor group collapsed.

Schneiderman said in a statement that he was pleased that the deal would "create a real, well-funded victims compensation fund, implement HR policies that will protect all employees and will not unjustly reward bad actors".

In the wake of the allegations against Harvey Weinstein, he apologized for his behavior and sought professional help, but his spokeswoman has said that "any allegations of nonconsensual sex are unequivocally denied by Mr. Weinstein".

The company last month was close to inking a deal for more than $500 million to be taken over by investors led by Contreras-Sweet and Burkle.

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He will not profit from the deal, which hands the group most of the TWC assets, meaning the company will not need bankruptcy protection means as expected.

Contreras-Sweet also increased the victims' compensation fund to $90 million, including about $30 million in insurance money, the New York Times reported.

Former Small Business Administration chief of the Obama administration Maria Contreras-Swee has bought The Weinstein Company after it filed for bankruptcy.

Contreras-Sweet said her involvement was inspired to hire a majority-female board of directors by the #MeToo movement, which emerged in the wake of the Weinstein allegations. He also said the deal would potentially keep in place top executives accused of enabling Weinstein's alleged abuse of the company's female employees.

They include historical drama The Current War, starring Benedict Cumberbatch as Thomas Edison, Mary Magdalene, a religious drama starring Rooney Mara, and The War With Grandpa, a comedy starring Robert De Niro.

The firm's board of directors confirmed in a statement obtained by ABC News that it has arranged the sale to the same investor group with whom talks broke down last week.

Among his demands widely reported in the United States was the firing of TWC president David Glasser, who had been expected to take the same role at the newco.

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