The Weinstein Company To File For Bankrupcy After Sale Talks Collapse

The Weinstein company is to file for bankruptcy. The embattled production company was left reeling following the accusations of sexual harassment and abuse levelled at co-chairman Harvey Weinstein last year. It has been seeking a purchaser since, but the most recent talks have collapsed.

The company's board of directors have now issued a statement following the failure of negotiations with an investor group. "While we recognize that this is an extremely unfortunate outcome for our employees, our creditors and any victims, the board has no choice but to pursue the only viable option to maximize the company's remaining value: an orderly bankruptcy process," the statement reads.

The LA Times reports that the failed deal was worth around $500 million and would have given the investment consortium control of the company's entire assets. The site states that the company was set to renamed under a new board of directors, "the majority of which would be composed of women." However, talks collapsed when the New York attorney general's office filed a civil rights lawsuit against the Weinstein company, alleging that senior executives failed to prevent the mistreatment of staff by Harvey Weinstein.

Weinstein was fired from the company in October, following a series of revelations published in the New York Times that he reportedly paid off sexual harassment accusers. Since then, many more former employees and colleagues have come forward with their own stories about Weinstein's alleged abuse.

One of the biggest names in Hollywood, Weinstein won the Best Picture Oscar for 1999's Shakespeare In Love and also picked up a nomination for 2003's Gangs of New York. Among his other producing credits included films like Pulp Fiction, The Aviator, and Peter Jackson's The Lord of the Rings trilogy.