The Weinstein Co declares bankruptcy

The Weinstein Co has filed for bankruptcy after dozens of women accused co-founder Harvey Weinstein of sexual misconduct and harassment.

The allegations against Harvey, first documented by the New York Times on October 5, tipped the company into a death spiral. He was fired three days later, and subsequently resigned his position on the company board. TV deals were cancelled and the company was forced to take film releases off the calendar.

The company, however, may yet be able to reorganise and continue to produce TV shows and films under new ownership. Lantern Capital put in a "stalking horse" bid, which provides a floor for a bankruptcy auction, reported Rolling Stone