US trustee objects to proposed Weinstein Co. sale terms
(AP) — A federal watchdog agency is asking a Delaware bankruptcy judge to reject plans for the sale of the company confounded by disgraced film mogul Harvey Weinstein.
In a court filing Tuesday, the U.S. Trustee expressed concerns about procedures proposed for the sale of the Weinstein Co.’s assets.
Texas-based Lantern Capital Partners has offered to pay $310 million in cash and assume about $125 million in debt for the Weinstein assets. As lead bidder, Lantern is entitled to a breakup fee of $9.3 million and expense reimbursement of up to $6.2 million if the Weinstein Co. accepts another bid.
The trustee says the deal improperly gives Lantern’s bid-protection measures priority status ahead of other administrative expense claims.
The trustee also expressed concerns of the possible sale of personally identifiable information about individuals.