Weinstein Company Files For Bankruptcy, Will Void Nondisclosure Agreements

The Weinstein Company just canceled every non-disclosure agreement between Harvey Weinstein and women who accused him of sexual misconduct

The company's board of directors said in a statement that its proposed bankruptcy sale is "an important step toward justice for any victims who have been silenced by Harvey Weinstein".

The Weinstein statement continued that "no one should be afraid to speak out or coerced to stay quiet".

After the non-disclosure agreements are repealed, many wonder if more of TWC's employees will come forward to join the 60-plus victims who have already spoken out against the disgraced movie mogul.

Allegations sprung up around the world, prompting police departments in the U.S. and U.K.to open investigations and sparking the so-called #metoo movement and Time's Up campaigns. Chairman Bob Weinstein is listed among the unsecured creditors, with a note in the amount of $11.2 million.

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New York State Attorney General Eric Schneiderman noted in a statement that The Weinstein's Co.'s bankruptcy will not keep the company or the Weinstein brothers from facing a civil rights lawsuit he brought against them in February.

Lantern had been a potential investor in former Obama administration official Maria Contreras-Sweet's bid for the studio, which was ultimately terminated.

Embattled US film and TV producer and financier The Weinstein Company (TWC) has filed for bankruptcy for a second time, after the latest attempt to rescue the firm fell through.

On Monday, the company behind such Academy Award-winning films as "The Artist" and "The King's Speech", announced that it had entered into a "stalking horse" agreement with Lantern Capital Partners, a Dallas, Texas-based private equity firm, to purchase all the company's assets. Weinstein was sacked three days after The New York Times broke the story of the allegations made against him, and since then, the company has cancelled many TV show deals and film releases.

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He said his office's lawsuit against the Weinstein Company and the Weinstein brothers is still active, and that his office is still conducting its investigation into Harvey's misconduct.

More than 70 women have leveled allegations against Weinstein, for varying degrees of harassment, assault and, in some cases, rape.

Reuters reported last month that the Weinstein Company was looking for a loan that would carry it through its bankruptcy.

Filing for bankruptcy in DE court, the company listed between $500 million Dollars and $1 billion USD in liabilities, as well as $500 million USD to $1 billion USD in assets.

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Lions Gate Entertainment Corp. had made an earlier offer for some of the company's assets, as had Qatar-owned film company Miramax, which was founded by Harvey Weinstein and Bob Weinstein.

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