The Weinstein Company’s Chapter 11 Plan Confirmed

On January 26, 2021, Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware entered an order approving confirmation of the chapter 11 plan of liquidation (the “Plan”) of The Weinstein Company Holdings LLC (“TWC”). The approval follows TWC’s filing of a voluntary petition for chapter 11 bankruptcy in March 2018 and a subsequent sale of substantially all of TWC’s assets to Spyglass Media Group for $310 million (subject to adjustment) in cash plus the assumption of up to $127.5 million in liabilities in July 2018. After the sale, Cravath served as lead counsel for the almost three years of extensive negotiations that led to the global settlement of potential claims against TWC and potential claims against various parties related to Harvey Weinstein’s misconduct. The settlement is incorporated in the Plan, which establishes a $17 million fund from which survivors of Harvey Weinstein’s sexual misconduct may receive compensation.

The Cravath team is led by partners Paul H. Zumbro, George E. Zobitz and Lauren A. Moskowitz and includes associates Salah M. Hawkins and Tammuz Huberman on restructuring matters. Partner Andrew W. Wark led the section 363 sale to Spyglass Media Group in conjunction with the financial restructuring and reorganization team.