LOS ANGELES — The Weinstein Company said in a statement late Sunday that it would file for bankruptcy following the collapse of sale talks with an investor group led by Maria Contreras-Sweet, who ran the Small Business Administration under President Barack Obama.
“While we recognize that this is an extremely unfortunate outcome for our employees, our creditors and any victims, the board has no choice,” the statement said. The beleaguered film and television studio said it would make the filing “in the coming days.”
The Weinstein Company board, a three-member group that includes its co-founder Bob Weinstein, also released a letter it sent earlier on Sunday to Ms. Contreras-Sweet and one of her primary backers, the billionaire investor Ron Burkle. In the letter, the board members said they had worked “tirelessly” in recent days to meet “virtually every demand you imposed,” including waiving a breakup fee if a deal was not consummated.
However, Ms. Contreras-Sweet’s team, according to the letter, had not come through with promised interim funding to keep the studio operating while a deal was completed.
“Late last night, you returned to us an incomplete document that unfortunately does not keep your promises,” the letter said. “That is regrettable, but not in our power to change.”
Representatives for Ms. Contreras-Sweet’s team did not immediately respond to requests to comment.
The Weinstein Company, which has been struggling in the wake of sexual misconduct allegations against Harvey Weinstein, a co-owner, had been finalizing a deal for Ms. Contreras-Sweet’s group to pay roughly $275 million for the studio, plus the assumption of $225 million in debt.
The fire sale hit a last-minute snag on Feb. 11, when Eric T. Schneiderman, New York’s attorney general, filed a lawsuit against the studio and its fraternal founders, alleging that they repeatedly violated state and city laws barring gender discrimination, sexual harassment, sexual abuse and coercion.