Weinstein Co. restructures by giving up 200 films

Independent movie studio The Weinstein Co. has restructured its debt by temporarily giving the rights to 200 movies and about $233 million in receivables on those films to Goldman Sachs and its partner Assured Guaranty, according to a person familiar with the matter.

The person spoke on condition of anonymity because the matter was meant to be confidential.

Under the deal finalized this week Goldman Sachs and Assured will be paid $115 million by Ambac Financial Group, which had initially insured Goldman Sachs' loan to the company.

The Weinstein Co. was weighed down by interest payments on about $500 million in debt. The deal frees the company of that debt while giving it the use of a new credit line for $100 million from Goldman Sachs to produce new movies, according to the person.


Film Business, Hollywood

Powered by WP Robot