The bidding is over in the bankruptcy sale of The Weinstein Co., with the company declaring Tuesday that Lantern Capital was the winning bidder. Variety reports that a late bid by Broadway producer Howard Kagan was turned away.
“The company announced that Kagan’s $315 million bid, which was submitted Tuesday morning, lacked a financing commitment and other qualifications,” Variety reports.
Ivona Smith, an independent member of the Weinstein board, said in a statement: “Lantern’s bid clearly achieves the highest and best value for the estate and its creditors. We look forward to working with Lantern to close the transaction and consummate the going concern sale.”
Variety notes that Mary Walrath, a Delaware bankruptcy judge, must still sign off on the sale.
“Lantern had offered $310 million plus the assumption of project-based liabilities totaling $115 million,” the report adds. “The committee of unsecured creditors has already filed an objection to the form of the Lantern bid, saying it is not clear that The Weinstein Co. is achieving the maximum return for creditors. The New York attorney general’s office is also expected to weigh in.”