Harvey Weinstein’s film company filed for bankruptcy last night and will likely be sold to Lantern Capital Partners, a private equity firm.

“While we had hoped to reach a sale out of court, the Board is pleased to have a plan for maximizing the value of its assets, preserving as many jobs as possible and pursuing justice for any victims,” Bob Weinstein, Weinstein company chairman, told CNNMoney in a statement.

Along with its bankruptcy, the company will release all sexual harassment victims from nondisclosure agreements.

In a statement, New York Attorney General
Eric Schneider, who filed a lawsuit against the Weinstein Company last month because of these nondisclosure agreements, hailed the move as a “watershed moment.”

“The Weinstein Company’s agreement to release victims of and witnesses to sexual misconduct from non-disclosure agreements – which my office has sought throughout this investigation and litigation – will finally enable voices that have for too long been muzzled to be heard,” Schneider said in a statement.

Oscars 2018: Best Dressed Slideshow!

However, the company’s release of the contracts will not halt Schneider’s work.  

“My office will continue to fight for victims’ best interests throughout the bankruptcy proceedings, and engage with all parties, including The Weinstein Company and Lantern, in an ongoing effort to advance the principles we set forward when we filed our complaint: ensuring that victims are compensated, employees are protected moving forward and perpetrators and enablers of abuse are not unjustly enriched,” Schneider went on to say. “We welcome the parties’ efforts to preserve jobs and pursue justice for victims.”

He said his office’s lawsuit against the Weinstein Company and the Weinstein brothers is still active, and that his office is still conducting its investigation into Harvey’s misconduct.

Read more about: