The Weinstein Company Files for Bankruptcy-and Cancels Existing Non-Disclosure Agreements

Pressure builds on Weinstein prosecution

Voiding nondisclosure agreements that various women signed as part of settlements with The Weinstein Company, bankruptcy protection sheds the company of its namesake's so-called "secret weapon".

The company has also released employees from their non-disclosure agreements, which will allow them to speak freely about the sexual assault controversy.

Allegations sprung up around the world, prompting police departments in the U.S. and open investigations and sparking the so-called #metoo movement and Time's Up campaigns.

"Even as the company heads into bankruptcy, the Company remains committed to doing whatever it can to maximize value for its creditors and, in cooperation with Attorney General, continue its pursuit of justice for any victims, the statement said". Chairman Bob Weinstein is listed among the unsecured creditors, with a note in the amount of $11.2 million.

TWC meant to make a deal with one of its multiple interested investors, which included billionaire Ron Burkle and former administrator of the Small Business Administration, Maria Contreras-Sweet.

After a deal to sell their assets to a female-led investment group fell through, the Weinstein Company has filed for bankruptcy.

The Weinstein Company says that it has already struck a deal with an affiliate of private equity firm Lantern Capital Partners to acquire its assets.

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On the flip side, thanks to the influence of our 41-degree ocean, snow totals along the Jersey Shore should be mitigated as well. Commuters are warned to expect hard travel conditions during the morning and evening commute on Wednesday .

In its statement, the board of The Weinstein Company thanked Schneiderman for helping them reach the agreement with Lantern. Weinstein, who was sacked as his company's CEO in October, has denied any allegations of non-consensual sex.

TWC first filed for bankruptcy in February amid a string of allegations and lawsuits around the sexual misconduct of its co-founder Harvey Weinstein.

The women who spoke out against Weinstein spurred a national movement against sexual harassment, with victims sharing their stories on social media and labeling them under the hashtag #MeToo.

This was quickly overturned as the investors discovered "hidden debts" in Weinstein Co.'s accounts. In their bankruptcy filing, the Company claims they have less than $500,000 cash and recently obtained a $25 million debtor-in-possession loan from Union Bank. 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 always been muzzled to be heard.

The company filed for bankruptcy in a DE court, listing $500 million to $1 billion in assets and the same in liabilities, according to Reuters.

Harvey Weinstein was caught up in a sexual harass ment scandal and forced out of his company.

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