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Another scenario that has been widely speculated is that TWC will volunteer for or be forced by creditors into a prepackaged Chapter 7 or Chapter 11 bankruptcy reorganization.
That could give the company some relief on what is believed to be a significant debt load while allowing new equity players — and likely new management — the chance to come into a cleaned-up balance sheet.
” Update – p.m.: Emily’s List, the organization that works to elect pro-abortion Democrats to office, issued a statement calling Harvey Weinstein a “predator,” but the statement did not mention whether the group would return any of the money it received from the DNC, after the DNC announced last week it would donate K of the roughly 0K it has received from Weinstein over the years. Susan Berry with the story: The DNC released a statement that it would donate the Weinstein money to Emily’s List, Emerge America – which also seeks to elect women to political office – and Higher Heights, a group that aims to specifically elect black women to office. The failure of the DNC to return Weinstein’s contributions directly to him or to donate the money to nonpartisan women’s support charities and instead give the money to feminist women’s political action groups has been criticized by Republicans as devoid of substance.
TWC co-chairman Bob Weinstein and COO David Glasser are said to be advocating a batten-down-the-hatches strategy while the law firm hired to investigate the growing number of claims about Harvey Weinstein’s alleged misconduct completes its work.Update – p.m.: A source tells Deadline it’s “virtually certain” that Weinstein will be expelled from the Producers Guild of America when the guild holds an emergency meeting on Saturday to discuss his fate.