Weinstein Co seeks new buyer to avoid bankruptcy, says employees will still be paid

The Weinstein Company is still seeking a buyer after the withdrawal of investors Maria Contreras-Sweet and Ron Burkle, executive Bob Weinstein informed employees on Thursday.

After months of chaos following the sexual assault scandal surrounding former CEO Harvey Weinstein, his brother Bob informed staff that “payroll obligations will continue to be met” while the board of directors seeks a new owner.

“The board is still in discussions with potential buyers who want to keep the company and employees as a going concern,” Weinstein wrote in a companywide email obtained by TheWrap. About 157 people work across the film and TV studios.

While TWC insiders previously told TheWrap that bankruptcy was a foregone conclusion if the lowball $500 million sale to the Contreras-Sweet group didn’t complete, it seems board members Bob Weinstein, Lance Maerov and Tarak Ben Ammar think they have a fighting chance.

The memo sent today also suggests that a town hall meeting was either promised to or suggested by employees, where they might directly address leadership about their dramatically uncertain future.

“Until there is something more specific to address you with, the need for a video town hall would lead to more questions than answers. I will continue to update you and when the time is proper to announce something more specific, then we will have the town hall meeting,” Weinstein concluded.

Read the full memo:

Dear All,

I wanted to keep everyone updated in what is obviously an incredibly fluid situation. The board is still in discussions with potential buyers who want to keep the company and employees as a going concern. That has been one of our main goals and we are still pursuing it. Payroll obligations will be continued to be met.

I understand this is a stressful time for everyone and your [patience] and support during this time is very much appreciated by me and the board. Until there is something more specific to address you with the need for a video town hall would lead to more questions than answers. I will continue to update you and when the time is proper to announce something more specific, then we will have the town hall meeting.

Best regards,
Bob Weinstein

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Bob Weinstein (L) and his brother Harvey Weinstein, the founders of The Weinstein Co., an independent motion picture studio, pose at the premiere of their studio's film "1408" in Los Angeles, California June 12, 2007. REUTERS/Fred Prouser (UNITED STATES)
LOS ANGELES, CA- 081009- Brothers Bob and Harvey Weinstein, outside the Mann Chinese Theater after the red carpet opening of the movie 'inglorious Basterds' Photo by J. Emilio Flores/CORBIS (Photo by J. Emilio Flores/Corbis via Getty Images)
NEW YORK - NOVEMBER 16: Producer Bob Weinstein and producer Harvey Weinstein attends the New York premiere of Dimension Films' 'The Road' at Clearview Chelsea Cinemas on November 16, 2009 in New York City. (Photo by Mark Von Holden/Getty Images for Dimension Films)
PARK CITY, UT - JANUARY 24: Bob Weinstein and Harvey Weinstein attend Bing Presents 'The Details' Official Cast Dinner and After-Party on January 24, 2011 in Park City, Utah. (Photo by Michael Buckner/Getty Images for Bing)
NEW YORK CITY, NY - OCTOBER 24: Harvey Weinstein and Bob Weinstein attend A Celebration for the Launch of THE FOX BUSINESS NETWORK at Temple of Dendur on October 24, 2007 in New York City. (Photo by JIMI CELESTE/patrickmcmullan.com/Patrick McMullan via Getty Images)
Producer Bob Weinstein and Producer Harvey Weinstein (Photo by E. Charbonneau/WireImage)
Robert Rodriguez, Harvey Weinstein, Quentin Tarantino and Bob Weinstein (Photo by Jeff Vespa/WireImage)
LOS ANGELES, CA - MARCH 26: Producer Harvey Weinstein, actress Rosario Dawson, and producer Bob Weinstein arrive to the premiere of 'Grindhouse' at the Orpheum Theatre on March 26, 2007 in Los Angeles, California. (Photo by Kevin Winter/Getty Images)
NEW YORK CITY, NY - NOVEMBER 14: (L-R) Harvey Weinstein, John Antioco and Bob Weinstien attend A Special Screening of The Weinstein Company's 'Bobby' at Le Cirque on November 14, 2006 in New York City. (Photo by Chris Ford/Patrick McMullan via Getty Images)
Harvey Weinstein, John Antioco, Chairman and CEO of Blockbuster Video, and Bob Weinstein (Photo by G. Gershoff/WireImage for The Weinstein Company)
NEW YORK CITY, NY - OCTOBER 23: Harvey Weinstein and Bob Weinstein attend Bob and Harvey Weinstein honor Lee Scott of WAL-MART with a special performance by THE EAGLES at The Rainbow Room on October 23, 2006 in New York City. (Photo by Joe Schildhorn/Patrick McMullan.com/Patrick McMullan via Getty Images)
NEW YORK CITY, NY - JUNE 4: Harvey Weinstein and Bob Weinstein attend A Sunday with the New York Times Magazine: How We Are Entertained with Bob and Harvey Weinstein at City University of New York on June 4, 2006 in New York City. (Photo by Scott Rudd, Matt Carasella & Clint Spaulding/Patrick McMullan via Getty Images)
Bob Weinstein and Harvey Weinstein (Photo by Sylvain Gaboury/FilmMagic)
Harvey Weinstein of Miramax, Robert Rodriguez, co-director and Bob Weinstein of Miramax (Photo by M. Caulfield/WireImage)
Bob Weinstein and Harvey Weinstein during 2006 Weinstein Company Pre-Oscar Party - Red Carpet and Inside at Pacific Design Center in Los Angeles, California, United States. (Photo by J. Vespa/WireImage for OK! Magazine USA)
Bob Weinstein, Quentin Tarantino, Harvey Weinstein ***Exclusive*** (Photo by Sylvain Gaboury/FilmMagic)
Bob Weinstein & Harvey Weinstein during 29th Annual Dinner Of Champions Honoring Bob and Harvey Weinstein at Century Plaza Hotel in Los Angeles, California, United States. (Photo by Gregg DeGuire/WireImage)
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