Maria Contreras-Candy, the previous head of the U.S. Small Enterprise Administration (SBA), has submitted a proposal to amass The Weinstein Co, a spokeswoman for the U.S. movie and TV studio mentioned on Sunday.
Contreras-Candy has put collectively a consortium of buyers who’ve supplied $275 million for The Weinstein Co, based on a supply accustomed to the matter who requested to not be recognized discussing particulars of the bid. The Wall Road Journal first reported on the provide earlier on Sunday with out stating its worth.
The bid comes after the film studio secured a $20 million money infusion from the sale of the youngsters’s film “Paddington 2” final week to Warner Brothers Photos, a unit of Time Warner. The Weinstein Co.’s co-chairman Harvey Weinstein stepped down final month following sexual assault allegations.
The film studio, recognized for hit films together with The Kings Speech and Silver Linings Playbook, has been looking for a purchaser or rescue financing after greater than 50 girls claimed that Harvey Weinstein sexually harassed or assaulted them over the previous three many years.
Harvey Weinstein has denied having non-consensual intercourse with anybody. Reuters has been unable to independently verify any of the allegations.
Contreras-Candy’s plans name for a majority-female board at The Weinstein Co. ought to her provide prevail, the supply mentioned. The provide contains an roughly $30 million fund for the alleged victims of Harvey Weinstein, the supply added. The fund could be arrange via a mediation course of, based on the supply.
The spokeswoman for The Weinstein Co. didn’t touch upon the main points of the provide it acquired. A spokesman for Contreras-Candy declined to remark.
U.S. President Barack Obama in 2014 chosen Contreras-Candy as the pinnacle of the SBA, which makes loans to small companies and helps them get authorities contracts. She had beforehand based ProAmerica Financial institution, a Latino-owned neighborhood financial institution in Los Angeles, which focuses on lending to small- and medium-sized Latino companies.
Goldman Sachs has marked its small fairness stake in The Weinstein Co. right down to zero, Reuters reported final week, reflecting the funding financial institution’s evaluation that the worth of the corporate has diminished following Harvey Weinstein’s departure.
The proceeds from the “Paddington 2” sale allow The Weinstein Co. to proceed to function till January, the supply mentioned. Funding agency Fortress Investment was contemplating lending to the movie and TV studio, however these talks ended and not using a deal earlier this month.
Greater than 20 different potential bidders are analyzing The Weinstein Co’s monetary knowledge, the supply mentioned. The studio has $375 million in debt, together with a $45 million mortgage from AI Worldwide Holdings, an affiliate of billionaire Len Blavatniks industrial group Entry Industries, the particular person mentioned. A lot of the debt is backed by the companys movie and TV belongings.
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