The Weinstein Company has been seeking a buyer for the business, which has backed films including The King’s Speech, The Artist and Quentin Tarantino’s Django Unchained, since a wave of sexual harassment and assault allegations against co-founder Harvey Weinstein emerged last year.
Once it enters into bankruptcy, prospective buyers are protected from inheriting the Weinstein Company’s legal liabilities.
Harvey Weinstein’s film and TV production company is to file for bankruptcy after the sexual harassment scandal that has engulfed the beleaguered firm scuppered a last-ditch $500m (£356m) deal to save the business.
Under the proposed $500m deal, which would have given Contreras-Sweet’s consortium 51% control, the Weinstein Company was to be renamed with a new board of directors.