NEW YORK, Aug. 16 (UPI) -- U.S. producers Bob and Harvey Weinstein have received a $75 million bridge loan to help deal with their finances, sources familiar with the loan say.
The anonymous sources said the Weinstein Co. heads took out the loan from Ziff Brothers Investments a few months ago after enduring a series of box office disappointments and a restructuring review, The New York Times said Sunday.
Harvey Weinstein, whose company has released more than 70 films since opening in 2005, would not confirm the loan report.
But after more than 25 percent of the company's films failed to break the $1 million mark in the box office, the sibling producers hired Miller Buckfire & Co. to offer possible restructuring advice.
The team of financial advisers informed the Weinsteins they should limit their film output to 10 films a year, while cutting any unpromising projects.
Harvey Weinstein told the Times his company's problems were in part due to his lack of personal attention to acquisitions and production.
"I thought I could build the company and delegate authority, and that's where it went wrong," he said.