Weinstein Company Back In The Black?
Hollywood studio The Weinstein Company is now free of its $450 million debt following a ground-breaking restructuring deal, which saw the company hand over the rights to 200 films including ‘HALLOWEEN II‘ and ‘SCARY MOVIE 4‘.
The film studio, set up by movie bosses Harvey and Bob Weinstein back in 2005, spiralled into debt over the last few years following a series of risky investments in fashion, TV and online projects.
But their company is now back on track after the Weinsteins agreed an lucrative deal which will see insurance company Ambac pay $115 million of the debt to financial companies Goldman Sachs and Assured Guaranty.
The Weinsteins wiped the rest of the debt by handing over control of 200 films to executives at Goldman Sachs, but they managed to retain the rights to the company’s most high-profile movies – including ‘Inglourious Basterds‘, ‘Pulp Fiction‘ and the ‘Scream‘ franchise. The Weinstein Company will also receive a distribution fee on the titles now owned by Goldman – according to The Wrap.
Harvey Weinstein tells the website:
“(It is) the perfect deal – four co mpanies perfectly aligned, in a deal that recoups incredible value for The Weinstein Company, and gives us the wherewithal to continue… We won’t be buying clothing or internet companies. Those days are over.”
The deal means The Weinstein Company will be able to move forward with a number of projects, including ‘The King’s Speech‘, which will see Colin Firth playing England’s stammering King George VI, and ‘I Don’t Know How She Does It‘ with Sarah Jessica Parker.
