The Weinstein Company on Sunday night said in a statement that it would file for bankruptcy in the “coming days” after it reportedly failed to find a buyer.
Maria Contreras-Sweet, who led an investor group that was in talks with the company, did not come through with funding to keep the company operating, The New York Times reported, citing the letter from the Weinstein Company’s board.
Contreras-Sweet’s team did not respond to comment from the paper.
“Late last night, you returned to us an incomplete document that unfortunately does not keep your promises. That is regrettable, but not in our power to change,” the letter reportedly said.
Contreras-Sweet, the former U.S. Small Business administrator, was leading a group of investors offering $220 million for the Weinstein Co.’s assets. The group also would assume about $225 million in studio debt.
She served in the Obama administration from 2014 to 2017. Her group’s other investors include Lantern Asset Management and Yucaipa Companies, a private equity firm founded by billionaire Ron Burkle.
Contreras-Sweet’s group plans to use the Weinstein Co. assets to form a new studio with a new identity, with a women-led board of directors and management. They want the company’s 170 employees to have jobs at the new studio and are committed to completing movie projects currently in the works.
The Weinstein Co. has produced and distributed Oscar winners such as “The King’s Speech” and “Silver Linings Playbook.”
Harvey Weinstein, the disgraced movie mogul, was accused by at least 75 women have told the news media that Weinstein harassed, behaved inappropriately toward them or assaulted them. Authorities in Los Angeles, Beverly Hills, New York and London are investigating.