The Weinstein Company on the Block: Bids Due Today

Bids for The Weinstein Company are due on Wednesday, an individual familiar with negotiations told TheWrap.

It’s unclear how many bidders may emerge for the indie studio by day’s end — and whether they will see the whole company or pieces of the operation assembled by brothers Bob and Harvey Weinstein 12 years ago.

TWC was on the verge of bankruptcy back in November after the company fired Harvey Weinstein in the wake of several damning sexual misconduct accusations. The company bought time by selling the domestic distribution rights for “Paddington 2” to Warner Bros. for $28 million.

Also Read: The Winklevoss Twins Took Their Facebook Money and Became Bitcoin Billionaires

Christine Vachon’s Killer Content and Maria Contreras-Sweet, former head of the Small Business Administration, are among the bidders, Variety reported.

Complicating matters for TWC is its suffocating debt. Two individuals with knowledge of the situation told TheWrap the company’s estimated total debt is about $900 million, however insiders pegged it at closer to $300 million outstanding. TWC re-upped a $500 million senior credit facility with a variety of institutions last year, which carries a 4 percent interest rate. And the company is only releasing about six to eight movies a year.

Another individual close to the film finance industry told TheWrap he had heard TWC was looking to raise even more debt, this time in a fourth lien position — an extremely rare and almost certainly very expensive financing arrangement that would indicate cash pressures.The bondholders control TWC’s assets, including its library, and will likely want $1 billion or more to be made whole.

Also Read: ‘Star Wars’ Is Officially One of the Worst Passwords of 2017

Once offloaded, TWC will change its name — something TheWrap reported the company was looking into in October.

Related stories from TheWrap:

Harvey Weinstein’s Former Assistant Breaks NDA, Says He Tried to Rape Colleague in 1998 (Video)

Jason Priestley Says He Punched Harvey Weinstein at a Golden Globes Party in the ’90s

Harvey Weinstein, Miramax and TWC Board Slapped With New Class-Action Harassment Suit From 6 Women

Producers of Canceled Amazon Series Sue Weinstein Company for $2 Million

Weinstein Co Hires Consultants to Discuss Sale, Strategic Options

Bids for The Weinstein Company are due on Wednesday, an individual familiar with negotiations told TheWrap.

It’s unclear how many bidders may emerge for the indie studio by day’s end — and whether they will see the whole company or pieces of the operation assembled by brothers Bob and Harvey Weinstein 12 years ago.

TWC was on the verge of bankruptcy back in November after the company fired Harvey Weinstein in the wake of several damning sexual misconduct accusations. The company bought time by selling the domestic distribution rights for “Paddington 2” to Warner Bros. for $28 million.

Christine Vachon’s Killer Content and Maria Contreras-Sweet, former head of the Small Business Administration, are among the bidders, Variety reported.

Complicating matters for TWC is its suffocating debt. Two individuals with knowledge of the situation told TheWrap the company’s estimated total debt is about $900 million, however insiders pegged it at closer to $300 million outstanding. TWC re-upped a $500 million senior credit facility with a variety of institutions last year, which carries a 4 percent interest rate. And the company is only releasing about six to eight movies a year.

Another individual close to the film finance industry told TheWrap he had heard TWC was looking to raise even more debt, this time in a fourth lien position — an extremely rare and almost certainly very expensive financing arrangement that would indicate cash pressures.The bondholders control TWC’s assets, including its library, and will likely want $1 billion or more to be made whole.

Once offloaded, TWC will change its name — something TheWrap reported the company was looking into in October.

Related stories from TheWrap:

Harvey Weinstein's Former Assistant Breaks NDA, Says He Tried to Rape Colleague in 1998 (Video)

Jason Priestley Says He Punched Harvey Weinstein at a Golden Globes Party in the '90s

Harvey Weinstein, Miramax and TWC Board Slapped With New Class-Action Harassment Suit From 6 Women

Producers of Canceled Amazon Series Sue Weinstein Company for $2 Million

Weinstein Co Hires Consultants to Discuss Sale, Strategic Options