Weinstein Company To File For Bankruptcy
The board of directors of The Weinstein Company say the New York film and TV studio plans to file for bankruptcy after talks to sell it collapsed.
The company had been seeking a deal that would spare it from bankruptcy after more than 70 women accused film producer Harvey Weinstein, its ex-chairman and once one of Hollywood's most influential men, of sexual misconduct including rape.
Weinstein denies having non-consensual sex with anyone.
"The Weinstein Company has been engaged in an active sale process in the hopes of preserving assets and jobs," the board said in a statement, reported by newspapers including the San Francisco Chronicle and the Los Angeles Times. "Today, those discussions concluded without a signed agreement."
The board had "no choice but to pursue its only viable option to maximise the Company's remaining value: an orderly bankruptcy process."
The decision came after the board was unable to revive a deal to sell the struggling film studio for about $US500 million ($A700 million) to an investor group.
As part of the pact, the bidders had promised to raise at least $US40 million for a fund to compensate Weinstein's accusers.
There was no immediate confirmation of the plan on the company's website or Twitter feed.