Weinstein Co. bankruptcy could hurt victims' chances for compensation, legal experts say

Former Obama administration official Maria Contreras-Sweet's surprise bid to buy Weinstein Co. came with a basic promise: remake the tarnished studio as a female-friendly workplace and fairly compensate women who'd accused Harvey Weinstein of sexual abuse.

But those hopes were quashed Sunday night when Weinstein Co.'s board of directors said the company would prepare to file for bankruptcy protection "over the coming days" after talks with Contreras-Sweet's team of bidders collapsed.

The company did not specify the timing of the filing and whether it would be a Chapter 11 reorganization or a Chapter 7 liquidation. Experts said the former is most likely.

The announcement took the potential buyers by surprise. The two sides had