Weinstein Company Facing Bankruptcy?
Posted on June 8, 2009The Weinstein Company is on the brink of bankruptcy, according to multiple sources. The firm has hired Miller Buckfire & Co to strategize the company's future.
But today the Wall Street Journal's Lauren Schuker reports that The Weinstein Co has hired financial adviser Miller Buckfire & Co to "explore possible restructuring or refinancing". One of my sources confirms and notes, "You don't hire Miller Buckfire to raise money. You hire Miller Buckfire because they are one of top restructuring experts in the country. They currently represent several top institutions going through bankruptcy."Today, Nikki Finke reports that Quentin Tarantino is worried that Weinstein won't be able to come up with the $30 million for the release and marketing budget for Inglourious Basterds, starring Brad Pitt.
What this all means is that TWC is "hoarding whatever cash they have left to be able to release Inglorious Basterds," a film financer analyzes. Tarantino's film is scheduled for release August 21st.What a mess. Add these woes to the Project Runway fiasco and you have a very bad year indeed for the Weinsteins.