In a move that is likely to further fuel speculation about its financial condition, Weinstein Co. has hired consulting firm Miller Buckfire & Co. to restructure its debt and raise funds to cover operating costs, said a person close to the company.
The film studio behind such critically acclaimed movies as "The Reader" has struggled to find its footing since brothers Bob and Harvey Weinstein formed their own company in 2005 after parting ways with Walt Disney Co. The company has faced a string of executive departures and laid off about two dozen workers late last year.
In a statement, the studio portrayed the move as routine. "As a matter of practice we have always worked with financial institutions to explore our options with respect to equity and possible investments and it is something we will continue to do," the statement said. "This was an ordinary course we took at Miramax, the Weinstein Company and every business venture we have had in our 30-year career."
When they launched the business, the brothers tapped Goldman, Sachs & Co as a financial backer with the goal of raising as much as $1 billion in financing.