The filing in U.S. Bankruptcy Court in Delaware follows accusations by more than 70 women against the company's co-founder, Harvey Weinstein, who was one of Hollywood's most influential men, of sexual misconduct, including rape. Weinstein has denied having non-consensual sex with anyone.
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.
Texas private equity firm Lantern Capital agreed to buy Weinstein Company out of bankruptcy for $310 million. The firm's offer, saving the studio from winding down its business, will be subject to higher and better bids in a court-supervised auction scheduled for May 2. http://bit.ly/2prGdNm
The deadline for other bids is April 30.
Lantern had been a potential investor in former Obama administration official Maria Contreras-Sweet's bid for the studio, which was ultimately terminated.