In light of Harvey Weinstein's numerous sexual abuse allegations being revealed late last year, his film company, The Weinstein Company, has officially filed for bankruptcy.

READ: ‘We All Make Mistakes’: Harvey Weinstein Speaks Out After Sexual Harassment Allegations

The announcement was made on Monday according to a report from Variety. The company is currently locked in a "stalking horse" bid with Lantern Capital, meaning that it is "an initial bid on a bankrupt company's assets from an interested buyer chosen by the bankrupt company." This type of bid makes sure that other interested bidders can't purchase a company's assets below their preferred price.

The number varies on how much Lantern is offering to acquire the company's assets, with one source saying the price is between $300 and $320 million, while another put the number at almost $450 million. If Lantern does end up becoming the new owner it will be able to continue to produce TV shows and movies.

In that same Variety report, The Weinstein Company released a statement speaking on why they selected Lantern to purchase their assets.

"The Board selected Lantern in part due to Lantern's commitment to maintain the assets and employees as a going concern," the statement said. "The Company hopes that this orderly sale process under the supervision of the Bankruptcy Court will allow it to maximize the value of the Company’s assets for the benefit of its creditors and other stakeholders."

Along with the bankruptcy filings, The Weinstein Company also announced that it has removed all non-disclosure agreements (NDAs) with their employees. The decision is a part of an ongoing negotiation with New York Attorney General Eric Schneiderman.

"No one should be afraid to speak out or coerced to stay quiet," the company said. "The Company thanks the courageous individuals who have already come forward. Your voices have inspired a movement for change across the country and around the world."

A previous report from TMZ had said that Jay-Z was interested in buying a part of the film company. Jay-Z's TIME: The Kalief Browder Story was released through The Weinstein Company.

Source: Variety