By Sharon Waxman
source:thewrap.com
The Weinstein Company got a new lease on life on Wednesday after a full restructuring agreement that leaves the independent film company free of its $450 million and with a new operating facility.
But the company had to give up 200 of its 350 films to do so.
A federal court in Wisconsin on Wednesday approved a deal in which the insurance company Ambac would pay $115 million of Weinstein’s debt to Goldman Sachs and Assured Guaranty.
The remainder of the debt is being exchanged for 200 TWC movies including the $233 million in accounts receivable on the films.
“Rodj Cohen has architected the perfect deal – four companies perfectly aligned, in a deal that recoups incredible value for The Weinstein Company, and gives us the wherewithal to continue,” said TWC Chairman Harvey Weinstein, in an interview with TheWrap.
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