Is The Weinstein Company doomed following Harvey Weinstein‘s sexual misconduct scandal??
Sources say yes, but the independent film studio says no. Huh.
According to TMZ, TWC is currently in a financial freefall. In fact, thanks to Harvey’s bad behavior and poor management, the company is expected to file for bankruptcy within mere weeks. One source close to the situation spilled:
“There’s an unstoppable meltdown and bankruptcy is inevitable.”
Oof. Apparently, per company insiders, The Weinstein Company is essentially functioning without assets. As you may’ve guessed, many deals have recently fallen through and numerous financial backers have walked away from TWC. Another tipster added:
“The Weinstein Company can’t survive this way, and bankruptcy will come in a matter of weeks.”
While filing for bankruptcy may temporarily fix the situation, it won’t be able to save the company’s financial future altogether. Yes, the claim will stave off creditors — but for how long?? To make matters worse, Colony Capital (the business which planned to acquire TWC) is backing away from the potential deal as the company is a financial and managerial disaster.
Nonetheless, the film studio refuses to acknowledge any drama on the home front, as a spokesperson told the webloid:
“Any suggestion that The Weinstein Company is on the verge of imminent bankruptcy is complete fiction. Clearly, TMZ is being lied to by anonymous sources with hidden agendas.”
Hmmmm, doth thou protest too much?? We guess we’ll just have to wait and see how this whole thing plays out!
[Image via Media Punch.]