The Weinstein Company received 20 offers before their December 22 deadline and then went on to whittle down their list of prospective buyers to only six.
The sale is set for far less than was hoped for and won’t even come close to covering the company’s debt.
The highest bid is just under $5oo million, which will only absorb about half the Weinstein Company’s current debt.
It may be beneficial for the Weinstein Company to consider multiple deals to maximize the bottom line given the bleak options put before them.