Bankruptcy Papers Show Weinstein Co.’s Revenue and Debt

The grim last days of the company are outlined in court.

weinstein
Harvey Weinstein (Alexander Koerner/Getty Images)
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Robert Del Genio, chief restructuring officer at The Weinstein Co., went into detail about the dire situation the now bankrupt company faced during its final days in a statement filed in Delaware Bankruptcy Court on Tuesday morning. The bankruptcy papers provide a deep look at the company’s revenue and debt. Lantern Asset Management is coming in with $310 million bid to acquire the debtor’s assets despite a last-minute offer from someone else, reports The Hollywood Reporter. Reports about Harvey Weinstein’s decades-long sexual misconduct left the company reeling. According to Del Genio, TWC has 277 films in its library, which will generate $151 million in net cash flow this year, and it has successful television business with series like Project Runway, that is expected to pull in $225 million in total revenue and $52 million in profit this year. But TWC is indebted to Union Bank, Bank of America and other secured creditors to the tune of $156 million, says The Hollywood Reporter. Attorneys from top law firms are also owed millions and though about a quarter of its workforce has left, the company still have 85 full-time employees and 12 independent contractors remaining. Last year, TWC had total overhead of $41.2 million, including $21 million going to salary. To date, more than 80 women have stepped forward to accuse Harvey Weinstein of sexual harassment, assault or rape. He was fired and has been fighting his termination in arbitration. Longstanding business partners have refused to return the company’s calls, Del Genio told the judge.

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