Newswire

Hard Times

Reeling Weinstein Co. Seeks Help For Spiraling Debt

Written by S.T. VanAirsdale | 08 Jun 2009, 8:30 AM | 2 comments

harvey_debt.jpgAnyone with even casual familiarity of Harvey Weinstein’s resilience knows the Weinstein Company can (and in fact has) run on fumes as long as it takes to find that string of hits that will bail it out. Oscar wins don’t count, apparently, with The Wall Street Journal reporting in a classically Harveyesque Friday news dump that TWC has summoned help to restructure its sizable debt.

“As a matter of practice, we have always worked with financial institutions to explore our options with respect to equity and possible investments and something we will continue to do,” the company said in a statement, though as noted at Deadline Hollywood Daiy the crisis firm Miller Buckfire & Co isn’t necessarily the one you bring in to court “investments” or talk your American Express Gold Card account out of collections. They’re the ones who dust off your chair before sitting down in their $7,000 suits and judging your criteria for bankruptcy — and after burning through much of their billion dollars of equity and debt financing since 2005, TWC boasts some bold criteria. Or, at the very least, they can tell you which line of red ink to shuffle where to help pay for another batch of Inglourious Basterds character banners. Every little bit helps at this point — and fast.

· Weinstein Co. Hires Firm to Explore Restructuring [WSJ]

Related entries

Tagged: harvey weinstein, the weinstein company

Email this

Comments

From JudgeFudge | Reply
Posted 08 Jun 2009, 9:24 AM

So I guess this means that production is on hold for Speed Racer 2: Race Through Retina Mountain ?

From Furious D | Reply
Posted 08 Jun 2009, 10:28 AM

Sadly, I don't think any restructuring can save TWC. The Weinsteins are more than just a name on the company, they are the company. So the sort of radical changes in management, in both top personnel and style, that the company needs, are most likely not going to happen, and any restructuring will be rearranging the deck chairs on the Titanic.

Post a comment

By the Numbers: weekend takes every Monday
Shutter Island Paramount
$22.67M
$75.54M
Cop Out Warner
$18.21M
$18.21M
Crazies Overture
$16.07M
$16.07M
Avatar Fox
$13.66M
$706.56M
Percy Jackson Fox
$9.58M
$71.00M
Valentine's Day Warner
$9.06M
$99.92M
Dear John Sony
$4.81M
$72.43M
Wolfman Universal
$4.26M
$57.38M
Tooth Fairy Fox
$3.43M
$53.84M
Crazy Heart Searchlight
$2.46M
$25.01M
Data courtesy of Rentrak