U.S. film and TV studio The Weinstein Company, whose ex-chair Harvey Weinstein has actually been implicated of unwanted sexual advances and attack, said on Monday it declared bankruptcy and was ending all non-disclosure contracts that may have silenced some ladies.

The Weinstein Company filed for bankruptcy in the Delaware court, noting $500 million US to $1 billion in liabilities and $500 million to $1 billion in properties, and said it struck an offer with an affiliate of private equity company Lantern Capital Partners to acquire its properties.

The personal bankruptcy comes after the studio invested months looking for a purchaser or investor.

The Business tattooed a handle an investor group led by former Obama administration official Maria Contreras-Sweet, however the group terminated its deal previously this month after seeing that the business had more liabilities than previously disclosed.

The Weinstein Company stated in a statement it entered into a “stalking horse” agreement with a Lantern Capital affiliate that would acquire significantly all the properties of the company. The deal from Lantern will set the floor for higher and much better bidders in a court-supervised auction.

Lions Gate Entertainment Corp had actually made an earlier offer for a few of the company’s properties, as had Qatar-owned movie business Miramax, which was established by Harvey Weinstein and his sibling Bob Weinstein. Both could be among prospective bidders in the auction.

More than 70 females accused the business’s co-founder, Harvey Weinstein, who was one of Hollywood’s most prominent males, of sexual misconduct, including rape. Weinstein has actually rejected having non-consensual sex with anybody.

” Since October, it has been reported that Harvey Weinstein utilized non-disclosure contracts as a trump card to silence his accusers. Reliable instantly, those ‘contracts’ end,” the business stated in an emailed declaration.

Film manufacturer Killer Content likewise stated bankruptcy would be the very best choice for the business, which it might be interested in the studio’s properties in a personal bankruptcy auction.

In February, New York Attorney General Eric Schneiderman sued The Weinstein Company, Harvey Weinstein and his bro Bob Weinstein, alleging that Harvey Weinstein sexually pestered employees and the business cannot react.

Bob Weinstein co-founded the business and is the co-chairman.

“This is a watershed minute for efforts to address the corrosive impacts of sexual misbehavior in the workplace,” Schneiderman said in a statement after the business’s announcement on Monday.

Released in October 2005, the studio produced and dispersed critically acclaimed hits including The King’s Speech and Silver Linings Playbook, as well as TELEVISION series such as long-running fashion truth competitors Project Runway.