The New York studio co-founded by disgraced film producer Harvey Weinstein is to file for bankruptcy after talks to sell its assets to an investor group collapsed, reports say.\nTalks ended two weeks ago when the New York attorney general\u2019s office filed a lawsuit against the Weinstein Company.
\nDirectors were quoted as saying bankruptcy was the only viable option.
\nWeinstein faces dozens of allegations of sexual abuse, including rape, but denies non-consensual sex.
\n\u201cThe Weinstein Company has been engaged in an active sale process in the hopes of preserving assets and jobs,\u201d the board said in a statement reported by several US newspapers.
\n\u201cToday, those discussions concluded without a signed agreement.\u201d
\nThe statement said \u201can orderly bankruptcy process\u201d was the \u201conly viable option to maximise the company\u2019s remaining value\u201d.
\nThe civil rights lawsuit against the company alleges that Weinstein sexually harassed and abused women employed by the studio for years, as well as making verbal threats to kill staff members.
\nIt accuses senior executives at the company, including Mr Weinstein\u2019s brother Robert, of failing to prevent the mistreatment of staff despite being presented with evidence.
\nNew York Attorney General Eric Schneiderman is seeking an unspecified sum to cover damages, plus penalties, for victims of alleged abuse.
\nA lawyer for Mr Weinstein has said a \u201cfair investigation\u201d will show that many of the allegations are without merit, while the company\u2019s board of directors has said many of the allegations relating to the board are \u201cinaccurate\u201d.
\nThe Weinstein Company: Biggest US box-office gross successes:
\nDjango Unchained (2012) ($162.8m)
\nThe King\u2019s Speech (2010) ($138.8m)
\nSilver Linings Playbook (2012) ($132.1m)
\nInglourious Basterds (2009) ($120.5m)
\nThe Butler (2013) ($116.6m)
\nThe allegations against Weinstein first surfaced in October last year, when the New York Times published a story detailing decades of allegations of sexual harassment against Weinstein.
\nSince then, more than 50 women, among them some of the biggest names in Hollywood, have accused the film producer of sexual assault, harassment, abuse and rape.
\nIn the wake of the allegations, Weinstein was sacked by the board of his company.
\nHe is under investigation by UK and US police, but no criminal charges have been brought.
\n(BBC)<\/p>\n