The board of Harvey Weinstein’s company is expected to file for bankruptcy protection after last-ditch talks to sell its assets collapsed.
The now-disgraced movie mogul co-founded the Weinstein Co in 2005.
He was fired last October after being accused of sexual assault and harassment by dozens of women. He has denied all the allegations.
The Weinstein Co has been searching for a financial saviour ever since.
The Los Angeles Times reports that the directors said on Sunday night that there is no option but to pursue bankruptcy.
The decision came after the board was unable to revive a deal to sell the struggling film studio for about 500 million US dollars (£357.8 million) to an investor group.
As part of the pact, the bidders had promised to raise at least 40 million dollars (£28.6 million) for a fund to compensate Weinstein’s accusers.
While life in Israel has returned to normal and hopes are high that Britain is set for a summer without restrictions thanks to vaccines, for billions around the world there is no such imminent light at the end of the tunnel. In the majority of countries around the globe, particularly the poorest, the vaccine rollout has barely kicked off.
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We have never before done this for any charity fundraiser but it's hard to recall a campaign that affects so many people, and indeed an entire planet aching for a return to normality. Just like the Chief Rabbi and Rachel Riley, we hope to boost the mission to deliver two billion vaccines, 165 million treatments and 900 million test kits around the world by the end of this year.
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