LOS ANGELES – On March 19, 2018, The Weinstein Company (TWC) filed for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court in Delaware. The American independent film studio, founded in 2005 in New York City by brothers Robert and Harvey Weinstein, was one of the largest “mini-major” film and television studios in North America that created, produced, and distributed feature films and premier television content for the U.S. and international markets. Among TWC’s notable films and television productions were Django Unchained, The King’s Speech, and Project Runway.
Prior to filing for bankruptcy, TWC had limped along for months after co-founder Harvey Weinstein was fired as chief executive in October 2017 following over 70 allegations by women for sexual harassment, assault, or rape spanning decades. In addition to a sullied reputation, TWC was underperforming after a prolonged creative and commercial slump that left the company unable to generate steady revenue.
Jennifer Hagle ‘87, Partner at Sidley Austin LLP, and her firm represented one of TWC’s largest creditors, MUFG Union Bank, N.A. (“Union Bank”), as agent for a syndicate of lenders owed $156 million on an aggregate $400 million senior secured revolving loan, plus accrued and unpaid interest. Union Bank was also agent for a syndicate of debtor-in-possession (DIP) lenders who agreed to finance TWC with $25 million in post-petition debtor-in-possession financing. With insufficient working capital to continue operations and complicated collateral including intellectual property, distribution rights, and cash flows related to TWC’s film and television library, and TWC having completed an extensive marketing process pre-petition, the DIP lenders conditioned their financing on, among other things, an aggressive auction timeline to “preserve [TWC’s] melting ice value.”
Meanwhile, James Stang ‘80, founding Partner of Pachulski Stang Ziehl & Jones LLP, and his firm were selected from a competitive pool of firms to represent the company’s Official Creditors Committee. Stang and his firm utilized their strong relationship with trade creditors and history of representing sexual abuse victims in bankruptcies involving the Catholic Church to develop an effective case strategy sensitive to and mindful of all unsecured creditors. Throughout the bankruptcy proceedings, Stang emphasized the importance of never losing sight that the Committee consists of five members who represent all unsecured creditors and that each of these members “require equal communication and transparency.” The overarching goal of the Committee is to maximize and protect the value of TWC’s bankruptcy estate to receive the greatest possible recovery for all unsecured creditors.
At Hastings, Hagle represented Hastings on the Trial Advocacy and Moot Court teams, while Stang was Editor-in-Chief of Hastings International and Comparative Law Review. According to Stang, he and Hagle had a “good, open, and cooperative relationship” from working together on other cases and from their common Hastings heritage. Hagle remarked that although the interests of their clients may be adverse, she and James are “extremely collegial” and enjoy the challenges of working alongside each other.
 Debtors’ Motion for Orders Approving Postpetition Financing at 4.
 See id.
 See Brooks Barnes, Weinstein Company Files for Bankruptcy and Revokes Nondisclosure Agreements, N.Y. Times (Mar. 19, 2018), https://www.nytimes.com/2018/03/19/business/weinstein-company-bankruptcy.html.
 See Dawn C. Chmielewski, The Weinstein Co.’s A Hot Property in Bankruptcy Court, Attracting 60 Potential Bidders, Deadline Hollywood (Apr. 19, 2018), https://deadline.com/2018/04/the-weinstein-co-hot-property-bankruptcy-court-attracting-60-potential-bidders-1202371353/.
 Debtors’ Motion for Orders Approving Postpetition Financing at 5.
 Id. at 15.
 Interview with Jennifer C. Hagle, Partner, Sidley Austin LLP, in San Francisco, Cal. (Oct. 17, 2018).
 Telephone Interview with James I. Stang, Founding Partner, Pachulski Stang Ziehl & Jones LLP (Sept. 6, 2018).
 Interview with Jennifer C. Hagle, Partner, Sidley Austin, in San Francisco, Cal. (Oct. 17, 2018); Telephone Interview with James I. Stang, Founding Partner, Pachulski Stang Ziehl & Jones (Sept. 6, 2018).
 Telephone Interview with James I. Stang, Founding Partner, Pachulski Stang Ziehl & Jones (Sept. 6, 2018).
 Interview with Jennifer C. Hagle, Partner, Sidley Austin, in San Francisco, Cal. (Oct. 17, 2018).