May 02, 2018 12:20 AM EST
Lantern Capital Partners Wins Bid for Weinstein Company
The Weinstein Company has announced that Lantern Capital Partners was the winning bidder in their bankruptcy sale. It is said that they offered $310 million plus taking over $115 million in debt.
Ivona Smith, a member of the Weinstein Company's board, said, "Lantern's bid clearly achieves the highest and best value. We look forward to working with Lantern to close the transaction."
The Weinstein Company fell apart after dozens of sexual assault accusations were brought against the company's former chief executive, Harvey Weinstein. They announced in March that they would, in fact, be filing for bankruptcy.
After today's announcement, however, Broadway producer Howard Kagan decide to throw his hat in the ring and offered $315 million, which included a $25 million fund for the victims of Weinstein. Kagan's Inclusion Media missed the deadline, though, and also didn't meet other requirements of the bid.
The Weinstein Company said in a statement that Inclusion did not provide a "bona fide offer." They added, "In furtherance of its fiduciary duty, the board selected the bid that offered, with certainty, the most overall value."
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