The Weinstein Company’s Sale of Assets to Lantern Asset Management

On May 8, 2018, Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District of Delaware approved the sale of the assets of The Weinstein Company Holdings LLC (“TWC”) to Lantern Asset Management (“Lantern”) for $310 million in cash plus the assumption of up to $127.5 million in liabilities. The approval follows TWC’s filing of a voluntary petition for Chapter 11 bankruptcy in March 2018. In connection with the filing, the company entered into a “stalking horse” agreement with an affiliate of Lantern, under which Lantern agreed to purchase substantially all of the assets of TWC, subject to certain conditions including the Bankruptcy Court’s approval. Cravath is representing TWC in connection with the Chapter 11 case, the transaction with Lantern and related debtor‑in‑possession financing.

The Cravath team includes partners Paul H. Zumbro and George E. Zobitz and associates Paul L. Sandler, Stephanie A. Marshak and Evan E. H. Schladow on restructuring matters; partner Karin A. DeMasi and associates David A. Herman, Lauren Roberta Kennedy, David Kumagai, Claire E. O’Brien and Daniel A. Silver on litigation matters; associates Andrew M. Wark and Tianyang Lin on M&A matters; partner Michael S. Goldman on financing matters; partner Eric W. Hilfers and associate Matthew Cantor on executive compensation and benefits matters; and partner Andrew W. Needham and associate Richard Bohm on tax matters. Catriela Cohen also worked on restructuring matters and Monica D. Kozycz worked on litigation matters.