When the embattled Weinstein Company caved to the inevitable on Monday and filed for bankruptcy protection, it was the culmination of one of the most ignominious corporate implosions in Hollywood history.
Lantern Capital swooped in with a $310 million offer to buy virtually all of the studio’s remaining assets in a so-called stalking horse bid that gives the Dallas-based investment company an inside track on acquiring the studio at auction. If a higher bidder eventually emerges, stalking-horse bidders are reimbursed for their investment and often receive significant breakup fees.
On Tuesday, U.S. Bankruptcy Court Judge Mary Walrath in Delaware approved Lantern’s plans to put up as much as $25 million in interim financing, with $7.5