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Harvey Weinstein's former film studio seeks to liquidate in bankruptcy

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Harvey Weinstein's former film studio seeks to liquidate in bankruptcy
Film producer Harvey Weinstein departs from a court hearing in New York, New York, U.S., April 26, 2019. REUTERS/Carlo Allegri   -   Copyright  CARLO ALLEGRI(Reuters)
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(Reuters) – The film studio once run by Harvey Weinstein said it plans to liquidate in bankruptcy, as it tries to resolve civil lawsuits against former officers and directors arising from sexual misconduct claims against the onetime Hollywood mogul.

Lawyers for Weinstein Co asked a Delaware bankruptcy judge to convert the studio’s bankruptcy to a Chapter 7 liquidation from the Chapter 11 case filed in March 2018, according to papers filed on Tuesday.

Several rounds of mediation over the last 10 months have failed to resolve liability claims arising from Weinstein’s alleged misconduct, the lawyers said.

Weinstein, 67, fell from grace after more than 70 women, mostly young actresses and others in the movie business, accused him of sexual misconduct dating back decades.

He has denied all accusations and said any contact was consensual.

Weinstein has also pleaded not guilty to criminal charges arising from his having allegedly forcibly performed oral sex on a woman in 2006 and raped another woman in 2013. A trial is scheduled for September.

Lawyers for Weinstein Co said Chapter 7 was best because the company has already sold substantially all its assets, and lacks enough liquidity to reorganize under Chapter 11.

They also said liquidation was the best means to resolve the claims against the former officers and directors, taking into account the interests of their insurers.

The case is In re Weinstein Co Holdings LLC, U.S. Bankruptcy Court, District of Delaware, No. 18-bk-10601.

(Reporting by Jim Christie in San Francisco and Jonathan Stempel in New York; Editing by Sandra Maler and Howard Goller)

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