The Weinstein Company has officially filed for bankruptcy, dashing any hopes of last-minute salvation. The struggling distribution company made the announcement late Monday, cementing T.W.C.’s fate after a whirlwind few months in which it seemed like a $500 million deal could salvage what was left after the Harvey Weinstein scandal erupted last October. T.W.C. also revealed in a statement that it has entered a “stalking horse” agreement with Lantern Capital Partners, a Dallas-based private-equity company, allowing it first bid on the company’s assets.

Per Variety, the Lantern bid offers $310 million in cash, “plus the assumption of $114.5 million in liabilities associated with certain TV and film projects, for a total of $424.5 million.” The filing shows that T.W.C. currently has less than $500,000 in cash and is working through $345 million in debt.

In addition, the company announced that it was nullifying all the non-disclosure agreements that silenced T.W.C. employees from speaking out against Weinstein last fall. This was a development T.W.C. employees first demanded in October, in an open letter urging the company to allow them to speak freely. The T.W.C. board has, at last, heard their request, acknowledging that those N.D.A.s were Weinstein’s “secret weapon” to quiet allegations.

“The Company expressly releases any confidentiality provision to the extent it has prevented individuals who suffered or witnessed any form of sexual misconduct by Harvey Weinstein from telling their stories,” the statement reads. “No one should be afraid to speak out or coerced to stay quiet. 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.”

Now that this particular barrier has been lifted, will more sordid Weinstein allegations flood the media? Considering the breadth of accusers who have come forward already—including current and former T.W.C. employees, some of whom have spoken anonymously—it’s not beyond the realm of possibility. Dozens of actresses lobbed accusations at Weinstein over the last few months, and there have been numerous reports about the absurd lengths he allegedly went to, in order to keep certain claims quiet. (Weinstein has repeatedly denied allegations of nonconsensual acts.)

Bob Weinstein, who remained chairman of the board throughout his brother’s ongoing scandal, said he is “pleased to have a plan for maximizing the value of its assets, preserving as many jobs as possible and pursuing justice for any victims.” (Bob was accused of sexual harassment himself in October, but denied the allegations.)

“The Company regrets that it cannot undo the damage Harvey Weinstein caused, but hopes that today’s events will mark a new beginning,” the statement reads. “Even as the Company heads into bankruptcy, the Company remains committed to doing whatever it can to maximize value for its creditors and, in cooperation with Attorney General, continue its pursuit of justice for any victims.”

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