Weinstein plan confirmation hearing rescheduled for Jan. 25

By Sarah Lizee

Olympia, Wash., Jan. 12 – Weinstein Co. Holdings, LLC’s hearing on confirmation of its Chapter 11 plan has been adjourned to Jan. 25 from Jan. 14, according to a notice filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

The company said in its disclosure statement that the plan contemplates a settlement of the claims and pending lawsuits arising from Harvey Weinstein’s misconduct and of disputes over the insurance companies’ obligations under various insurance policies potentially providing coverage for those claims.

Of the roughly $35.21 million settlement being paid by the insurance companies on behalf of the released parties and by Harvey Weinstein, but only with respect to sexual misconduct claims held by those who affirmatively elect to release him, around $25.47 million will be applied to satisfy claims of creditors. Of this $25.47 million, $17.06 million will be paid to the sexual misconduct claims fund, and $8.4 million will be paid to the debtors’ estates, distributed to satisfy in full unpaid administrative and priority claims and make pro rata distributions to holders of other tort claims and general unsecured claims.

Holders of other tort claims and general unsecured claims are each expected to receive a roughly 2% recovery in cash.

Holders of other priority claims and secured tax claims will be paid in full in cash, and secured claimholders will get the collateral securing their claims or cash in full.

Holders of intercompany claims and interests will receive no distributions.

Weinstein is a New York-based entertainment company. The company filed bankruptcy on March 19, 2018 under Chapter 11 case number 18-10601.

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