JUDGE APPROVES REVISED WEINSTEIN CO. BANKRUPTCY SALE PLAN
A Delaware judge has approved a revised plan for the sale of the Weinstein Co., the studio forced into bankruptcy by the sexual misconduct scandal that brought down Hollywood mogul Harvey Weinstein.
The plan approved Wednesday (11 JULY 2018) calls for private equity firm Lantern Capital to pay $289 million for the Weinstein Co.'s assets.
Lantern initially agreed to pay $310 million, but a dispute later arose over who would responsible for making payments, potentially worth tens of millions of dollars, owed on certain contracts that may be assigned to Lantern.
In return for Lantern paying certain claims and funding the past two weeks of the Weinstein Co.'s operating expenses, the sale price was reduced.
The sale is expected to close Friday, but claims asserted by several Hollywood stars will be resolved later.