Weinstein Company Seeking $150M Loan (Report)

The Weinstein Company reportedly wants to raise $150 million to retire debt and run the company

The Weinstein Company is working to secure a $150 million loan to retire debt and run the company, Bloomberg reported Tuesday.

This is optimal timing for the company, which is widely expected to take several Academy Awards on Sunday. The company's "The Artist" was nominated for 10 Oscars, including best picture, and its "My Week With Marilyn" is nominated for two.

Last year, the company's "The King's Speech" won best picture.

Also read: Weinstein Debt Wiped Clean in Deal with Goldman, Ambac

According to Bloomberg, the loan would be backed by the company's library, which includes "Inglourious Basterds" and "The Reader."

A spokeswoman for the company declined to comment on Bloomberg's report.

The Weinstein Company raised and spent $1.2 billion to launch in 2005, but encountered financial difficulties. In 2010, Harvey and Bob Weinstein's company restructured itself in a deal with Goldman Sachs and Assured Guaranty, ridding debt by transferring about 250 movies to the companies.

Since then, The Weinstein Company has enjoyed commercial and critical success.