Weinstein Co. adds bankruptcy advisor to board

Weinstein Co. has appointed Drivetrain Advisors’ Ivona Smith to its board of directors, an executive with experience in corporate restructuring and working with distressed assets.

Smith will join the company as an independent director, as Weinstein Co. coordinates bankruptcy proceedings.

The move arrives after a turbulent period for the company after sexual harassment claims were made against its former boss Harvey Weinstein.

“We are delighted to welcome Ms. Smith to our Board,” said chairman Robert Weinstein. “Ms. Smith brings not only substantial expertise in the bankruptcy sale process, but also enhanced transparency toward Board’s goal of maximizing value for the benefit of all stakeholders.”

This is the second time the company has filed for bankruptcy. In February, the company was saved from going through with the bankruptcy process after an investor group led by Maria Contreras Sweet looked set to make a deal with the group.

This was quickly overturned as the investors discovered “hidden debts” in Weinstein Co.’s accounts.