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News Link • Business/ Commerce

Weinstein Co files for bankruptcy, ends all non-disclosure agreements

• By Jessica DiNapoli and Tracy Rucinski

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.

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.

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