In Weinstein Co. Bankruptcy, Viacom And Spyglass Reach $11M ‘Scream’ Settlement

While a major element of the Weinstein Co. bankruptcy proceeding — a petition to change it from Chapter 11 to Chapter 7 — was postponed again Monday, two major claims have been settled.

U.S. Bankrupcy Court Judge Mary Walrath approved the settlements, one involving Viacom and the other between Weinstein Co. lender AI International and Union Bank. The latter pivoted on a $46 million claim from AI, which is tied to former Weinstein Co. board member Len Blavatnik, over proceeds from the sale of the Weinstein Co. to Lantern Entertainment for $289 million last year. The settlement saw the withdrawal of the claim.

The Viacom matter, which an attorney for the Weinstein Co. noted Monday had started out in the range of $40 million, was reduced to $16 million and then to a final amount of $11 million. Viacom will pay that final amount to Spyglass Media (which earlier this year teamed with Lantern on a new parent
See full article at Deadline »

Similar News

Recently Viewed