Buyers Pull Out of Deal After Raising Questions About Studio's Financials

Harvey Weinstein arrives at the Oscars in Los Angeles. Weinstein has been fired from The Weinstein Co. effective immediately following new information revealed regarding his conduct the company's board of direct

A deal to save the Weinstein Company, founded by disgraced Hollywood studio executive Harvey Weinstein, from bankruptcy collapsed at the last minute on Tuesday, BBC reported.

The deal to buy assets of Harvey Weinstein's former production company collapsed Tuesday as a former official in president Barack Obama's administration said her investor group was abandoning the venture - for now. The deal provided the group access to most of the company's assets, including the "Project Runway" television show and its 277-film library. "However, after signing and entering into the confirmatory diligence phase, we have received disappointing information about the viability of completing this transaction".

"We will continue to work tirelessly - as we have for months - to determine if there are any viable options", it said.

"The investors' excuse that they learned new information about the company's financial condition is just that - an excuse", said The Weinstein Company board in a tersely-worded statement. Under last week's deal, the group was poised to assume the company's approximate $225 million of debt.

The company and its potential investors were also in an ongoing debate over the amount of interim payments needed to keep the company operating. Though the flailing company was previously set to be rescued by a reported $500 million deal led by businesswoman Maria Contreras-Sweet and billionaire Ron Burkle, it appears the deal has ultimately fallen apart.

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Last week, the investor group had said it hoped to establish a female-majority board and a fund to compensate women who have accused Weinstein of sexual misconduct. Weinstein has denied having non-consensual sex with anyone.

Days after Maria Contreras-Sweet and her fellow investors announced plans to acquire The Weinstein Company's assets - capping weeks of turbulent negotiations - she now says she will not go forward with the purchase.

"I remain committed to working to advance women's business ownership in all sectors and to inspire girls to envision their futures as leaders of important companies", she said. Ms Contreras-Sweet said in a statement Tuesday she would consider acquiring Weinstein assets if they become available in a bankruptcy. Glasser was quickly fired from TWC, but he has since begun suing his former employer for wrongful termination.

Schneiderman's press secretary, Amy Spitalnick, told BuzzFeed News the attorney general's office would be disappointed if the parties can not work out their differences and close the deal. The lawsuit remains active, Spitalnick said. In her statement, Contreras-Sweet thanked Schneiderman for his efforts to help broker a deal; Burkle and his Yucaipa Cos. for their advice and support; Lantern Asset Management for committing capital to the proposed deal; Len Blavatnick, one of the current debt holders; and TWC board member Tark Ben Ammar. The alleged incidents span decades, predating TWC and going back to when Weinstein ran the 1990s' cultural game-changer Miramax.

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