The sale of The Weinstein Co., which was forced into bankruptcy by the sexual misconduct scandal surrounding movie mogul Harvey Weinstein, received approval today from a Delaware judge, the AP reports.
“The revised plan calls for Dallas-based private equity firm Lantern Capital to pay $289 million for the Weinstein Co.’s assets, down from an initial sale price of $310 million,” the story reports. “Attorneys negotiated the $21 million price reduction after disputes threatened to torpedo the deal. Among those concerns was who would be responsible for paying potentially tens of millions of dollars owed on certain contracts that may be assigned to Lantern.”
The report adds: “As part of the settlement, Lantern agreed to pay at least $8.75 million to satisfy certain contractual claims and pay for the Weinstein Co.’s operating expenses since June 29 in exchange for a lower purchase price.”