The Weinstein Company has filed for chapter 11 bankruptcy protection, according to court documents.
The studio co-founded by disgraced movie mogul Harvey Weinstein has been crippled by the sexual harassment and assault allegations that were first made against him late last year.
The move comes after a deal to sell the studio’s assets fell apart.
“While we had hoped to reach a sale out of court, the Board is pleased to have a plan for maximizing the value of its assets, preserving as many jobs as possible and pursuing justice for any victims,” Bob Weinstein, Harvey Weinstein’s brother and co-chairman of the company, said in a statement provided to The Wrap.
In addition, New York Attorney General Eric T. Schneiderman said The Weinstein Company will release victims of and witnesses to Weinstein’s sexual misconduct from any non-disclosure agreements.
“This is a watershed moment for efforts to address the corrosive effects of sexual misconduct in the workplace,” a statement said. “The Weinstein Company’s agreement to release victims of and witnesses to sexual misconduct from non-disclosure agreements — which my office has sought throughout this investigation and litigation — will finally enable voices that have for too long been muzzled to be heard.”
To date, dozens of women have accused Weinstein of abuse, following reports in the New York Times and the New Yorker last year about his treatment of women, including some of those with whom he’s worked. Weinstein has been accused of rape, assault and other forms of sexual misconduct.
He sought treatment after the allegations were made public and through a representative has repeatedly denied allegations of “non-consensual sex.”
The Attorney General’s lawsuit against The Weinstein Company, Bob Weinstein, and Harvey Weinstein remains active and the investigation is ongoing, the office added.
