The Weinstein Co., its buyer and creditors on Friday said that they reached a deal to increase the bankrupt film studio’s sales price by $2 million, to $289 million, to ensure the deal goes through, Reuters reported. Robert Del Genio, a senior managing director of business advisory firm FTI Consulting who is serving as Weinstein Co.’s chief restructuring officer, said in statement that the agreement “clears the path for this sale to close.” The deal follows a bid last month by the Weinstein Co. to cut its sales price to $287 million to settle disputes that broke out after it announced a plan in May to sell its library, television shows and unreleased movies to Lantern Capital Partners for $310 million. Weinstein Co. said that it needed to cut the sales price to close the transaction because it was nearly out of cash and financing deadlines for the sale were approaching fast. Weinstein Co. had won bankruptcy court approval for the $310 million sale, but before it could close disputes broke out over so-called cure amounts the studio would have to pay to exit or transfer certain contracts.
