Weinstein Co. Adds Board Member to Navigate Bankruptcy Sale
The Weinstein Co., which is two weeks away from a bankruptcy auction, appointed a new board member on Friday who will weigh in on the sale.
Ivona Smith is a consultant at Drivetrain Advisors, a firm that provides independent board service for companies in bankruptcy. According to a statement on Friday night from the Weinstein Co., Smith was added at the urging of the committee of unsecured creditors. The five-member committee includes an actress and former Weinstein Co. employee who have filed suits accusing Harvey Weistein of sexual misconduct.
The committee is seeking to maximize the value of the Weinstein Co. estate, providing the largest possible return for creditors. In addition to Weinstein’s victims, the unsecured creditors include numerous law firms, studios, and vendors.
“We are delighted to welcome Ms. Smith to our Board,” Bob Weinstein, the company chairman, said in a statement. “Ms. Smith brings not only substantial expertise in the bankruptcy sale process, but also enhanced transparency toward [the] Board’s goal of maximizing value for the benefit of all stakeholders.”
Smith has 20 years of experience in distressed investment. The other board members are Tarak Ben Ammar, Lance Maerov, and Frank Rainone.
Lantern Capital has submitted a stalking horse bid of $310 million, plus assumption of debt, for the company. Lantern, based in Dallas, intends to keep the company going. Other bidders are said to be solely interested in the company’s 277-title library. Bids are due on April 30.