Saturday, June 6, 2009

Weinstein Co. Restructures its Debt

Los Angeles Times

In a move that is likely to further fuel speculation that it is facing financial difficulties, the Weinstein Co. hasWeinstein hired advisor Miller Buckfire & Co. to restructure its debt and raise funds to cover operating costs, confirmed a person close to the company.

The film studio behind such critically acclaimed movies as the “The Reader," which won a Best Actress Oscar for star Kate Winslet in this year's Academy Awards, has been struggling to find its footing since brothers Bob and Harvey Weinstein formed their own company in 2005 after partings ways with Walt Disney Co.

In a statement, the company sought to portray the move as a routine course of business.

“As a matter of practice we have always worked with financial institutions to explore our options with respect to equity and possible investments and something we will continue to do. This was an ordinary course we took at Miramax, the Weinstein Company and every business venture we have had in our 30-year career.”

-- Richard Verrier

Recent Weinstein Co. films at the box office

Movie Release Date Total U.S. Box office

Zack and Miri Make a Porno Oct. 31, 2008 $31.5 million

The Reader Dec. 10, 2008 $34.2 million

Killshot Jan. 23, 2009 $18,600

Fanboys Jan. 6, 2009 $689,000

Crossing Over Feb. 27, 2009 $456,000


Photo: Harvey Weinstein/Getty Images

No comments:

Post a Comment