An investor group has reportedly reached a $500 million deal with The Weinstein Co. that will keep the company out of bankruptcy. Variety reports that the group is backed by billionaire Ron Burkle.

“The deal came together in a marathon negotiation Thursday in the office of New York Attorney General Eric Schneiderman,” Variety reports. “The Weinstein Co. board, including chairman Bob Weinstein, sat down with Burkle and his partner, former Small Business Administration chief Maria Contreras-Sweet, with Schneiderman helping to seal the deal.”

In a statement, Contreras-Sweet said: “Our team is pleased to announce that we have taken an important step and have reached an agreement to purchase assets from The Weinstein Company in order to launch a new company, with a new board and a new vision that embodies the principles that we have stood by since we began this process last fall.”

The report cites a source saying the agreement has a 40-day closing period. Variety also notes that some details apparently remain to be worked out, with Contreras-Sweet later referring to the agreement as a “potential deal.”