The production company Weinstein Company, co-founded by disgraced executive producer Harvey Weinstein, filed for bankruptcy this weekend.
Originally, the company was planning to sell to a group of investors, led by Maria Contreras-Sweet, the former head of the U.S. Small Business Administration.
In a letter released by the company on Sunday night, they detailed that the plans to move ahead with the buy fell through, due to the investors not being able to provide interim financial funding to keep the company afloat.
"It is simply impossible to avoid the conclusion that you have no intention to sign an agreement -- much less to close one -- and no desire to save valuable assets and jobs," the company wrote. "We will now pursue the board's only viable option to maximize the company's remaining value: an orderly bankruptcy process."
The Weinstein company intended to sell to save jobs and to save the company as a whole, potentially by revamping the company entirely, including the name. But, now with the announcement, it looks as if the company is stalled.
In October, reports came out that detailed several sexual assault allegations against the former head of the studio, Harvey Weinstein. Two weeks ago, the New York Attorney General's office filed a lawsuit against Weinstein. Weinstein has denied many of these charges, saying that there was no non-consensual sex.
The Weinstein company was the company behind domestic box-office hits including Best Picture Winner The King's Speech and Quentin Tarantino's Django Unchained and Inglorious Basterds.
With their intention to file for bankruptcy, this could be the end for the production company.