The Weinstein Co. has filed for bankruptcy – but it may still continue to produce films and TV shows.
The company, which is embroiled in a sexual misconduct scandal involving co-founder Harvey Weinstein, announced their bankruptcy and said they had buyout offer on hand on Monday.
They also announced any employees who were witness to or victims of the alleged misconduct by Weinstein would be free from their non-disclosure agreements.
Weinstein, who was fired as CEO of his company in October, has denied any allegations of non-consensual sex.
“No one should be afraid to speak out or coerced to stay quiet,” the company said in a statement. “The Company thanks the courageous individuals who have already come forward. Your voices have inspired a movement for change across the country and around the world.”
Under bankruptcy protections, lawsuits against the firm will be halted and no new legal claims can be brought against the company.
It also means secured creditors will get priority for payment over women suing the company.