The Weinstein Company has reached an agreement to buy themselves some time to raise the money needed to pay off a $45 million loan they defaulted on.
As The Blast first reported, TWC and Harvey Weinstein himself were both sued over the loan made by AI International Holdings after they alleged the loan became due immediately after Weinstein was ousted from the company.
According to new court documents obtained by The Blast, TWC and AI have agreed to stay the proceedings until February 28, 2018 to allow TWC the time “to market and sell assets and take other actions necessary to satisfy the sums loaned to TWC Borrower under the Note.”
TWC has agreed to make payments on the loan while they work on coming up with the full amount.
AI has also agreed to extend the deadline to March 31, 2018 if TWC provides evidence to show they are making progress on raising the money.
A judge has yet to sign off on the agreement.
It’s worth noting — the documents specifically say that Weinstein was served with the lawsuit on November 13, 2017 “but has not yet appeared in this action.” AI is leaving room to go after him separately regardless of what happens with this proposed agreement.