The Latest: Weinstein Co. 'disappointed' by canceled deal
Mar. 07, 2018
NEW YORK (AP) — The Latest on the canceled deal to buy the Weinstein Co. (all times local):
The Weinstein Co. says it's "disappointed" by the announcement by a group of investors that it's pulled out of a deal to buy the beleaguered company.
In a statement Tuesday night, the company's board of directors said the investors' excuse that they learned new information about the company's financial condition was "just that — an excuse."
The board says it will continue to determine if there are any "viable options" outside of bankruptcy. In the meantime, it says it's pursuing "an orderly bankruptcy process" to maximize the company's value.
Earlier Tuesday, businesswoman Maria Contreras-Sweet made the announcement. She did not offer more details about why the deal fell apart but said the group may still be interested in acquiring assets of the movie and TV studio out of bankruptcy proceedings.
A group of investors says it has pulled out of a deal to buy the beleaguered Weinstein Co., citing "disappointing information" about the viability of the sale.
Businesswoman Maria Contreras-Sweet made the announcement in a statement Tuesday. She did not offer more details about why the deal fell apart but said the group may still be interested in acquiring assets of the movie and TV studio out of bankruptcy proceedings.
The announcement came just days after Contreras-Sweet and the Weinstein Co. had revived the deal following arduous negotiations with New York State Attorney General Eric Schneiderman, who has filed a lawsuit against the company.
The studio has been trying to stave off bankruptcy since sexual assault and harassment accusations emerged last fall against its co-founder, Harvey Weinstein.