The Weinstein Co.’s board of directors announced that all but one of its members will step aside with the completion of the sale this week to Lantern Entertainment.

The directors issued a statement this morning saying that after navigating the company through “the most difficult corporate circumstances” they will leave the process of winding down the asset in the hands of bankruptcy professionals.

Weinstein Co. director Ivona Smith, a restructuring professional, was selected by the board and the Unsecured Creditors’ Committee, to help shepherd the Company through bankruptcy.

“In the face of intense public scrutiny, this Board steered the Company to an orderly sale and maximized value for the Company and its creditors,” Smith said in a statement. “The Company thanks the outgoing Board members for their hard work and contributions. Following the closing of the sale to Lantern, the Company will continue to work expeditiously to wind down the Company and distribute equitably the remaining assets.”

Lantern Entertainment, a unit of the Dallas-based private equity firm Lantern Capital, is expected to close the sale Friday, bringing to a close a corporate drama that began last fall with reports of sexual misconduct by The Weinstein Co.’s co-founder, Harvey Weinstein. The damaging disclosures led to the financial collapse of the film and television studio, as talent began distancing themselves from the once powerful producer.

A bankruptcy court this week cleared the way for the sale to close when it approved the discounted purchase price of $289 million for The Weinstein Co.’s film and television assets. About two-thirds of the bankrupt studio’s staff will be rehired by Lantern, though 20 employees received layoff notices this week.

Here’s the full statement:

Over the past nine months, this Board of Representatives of The Weinstein Company Holdings LLC (the “Company”) has worked tirelessly to steer the Company through the most difficult of corporate circumstances.   In doing so, the Board committed itself to several guiding principles:  to maximize value; to protect Company’s stakeholders by finding a buyer to continue the business; to return the loyalty of the Company’s faithful employees so as to ensure income for themselves and their families; and to assist government agencies in their investigations into Harvey Weinstein’s conduct, which prompted this task.  This week, with the completion of the sale to Lantern, the Board will have achieved these goals to best of its ability.  

Having accomplished what the Board set out to do, the Board members have concluded that it is time to step aside and to turn the Company over to the capable hands of bankruptcy professionals to oversee the wind down of the Company and the distribution of its assets.   Thus, upon the closing of the sale to Lantern, the current Board members will step down from the Board, with the exception of Ivona Smith, a restructuring professional who was selected by the Board in cooperation with the Unsecured Creditors’ Committee to help shepherd the Company through bankruptcy.  The Board expects that additional members with comparable experience will be added to the Board to assist Ms. Smith with the wind down.   

 “In the face of intense public scrutiny, this Board steered the Company to an orderly sale and maximized value for the Company and its creditors,” Ms. Smith said. “The Company thanks the outgoing Board members for their hard work and contributions.  Following the closing of the sale to Lantern, the Company will continue to work expeditiously to wind down the Company and distribute equitably the remaining assets.”

The Board of Representatives of The Weinstein Company