Court approves $21M price cut in Weinstein Co. sale
A $21 million price cut in The Weinstein Co.’s sale to a Dallas private equity firm received court approval on Wednesday — setting up the deal’s closing on July 13.
Bankruptcy Court Judge Christopher Sontchi said the $289 million deal can go forward — despite the objections of actors and directors who fear a change of ownership could jeopardize their profit-participation payments.
Lantern Capital bought the studio out of bankruptcy for $310 million but then demanded a price cut on claims the amount necessary to “cure” payments for The Weinstein Co.’s contracts had been underestimated.
Lantern now has four months to identify which contracts it will assume.
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