The Weinstein Co., which is two weeks away from a bankruptcy auction, appointed a new board member on Friday who will weigh in on the sale. Ivona Smith is a consultant at Drivetrain Advisors, a firm that provides independent board service for companies…
The Weinstein Company has added Ivona Smith of DriveTrain to its board of representatives as an independent director to assist in its bankruptcy proceedings.
“We are delighted to welcome Ms. Smith to our Board,” TWC chairman and co-founder Robert Weinstein said in a statement. “Ms. Smith brings not only substantial expertise in the bankruptcy sale process, but also enhanced transparency toward Board’s goal of maximizing value for the benefit of all stakeholders.”
The addition of Smith, who specializes in distressed situations, including restructurings, corporate finance and audits, comes a month after the company filed for bankruptcy.
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The Weinstein Company filed for Chapter 11 bankruptcy in Delaware last month, with Lantern Capital Partners agreeing to buy the company’s assets for $310 million and to keep the studio’s employees on as a “going concern.”
In its bankruptcy filing, the company named Robert del Genioof FTI Consulting as its chief restructuring officer, overseeing the company’s finances and operations during the bankruptcy process.
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