WILMINGTON (DE)
STL News
July 11, 2018
By Rizwan Afzal
A Delaware judge on Wednesday approved a revised plan for the sale of the Weinstein Co., the studio forced into bankruptcy by the sexual misconduct scandal that brought down Hollywood mogul Harvey Weinstein.
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.
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.
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.
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