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Former Obama administration official in bid for The Weinstein Co

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FILE PHOTO: Maria Contreras-Sweet listens to remarks during her ceremonial swearing-in as Administrator of the Small Business Administration at the White House in Washington April 7, 2014. REUTERS/Kevin Lamarque

(Reuters) – Maria Contreras-Sweet, the former head of the U.S. Small Business Administration (SBA), has submitted an offer to acquire the Weinstein Co, a spokeswoman for the U.S. film and TV studio said on Sunday.

Contreras-Sweet has put together a consortium of investors who have offered $275 million for The Weinstein Co, according to a source familiar with the matter who asked not to be identified discussing details of the bid. The Wall Street Journal first reported on the offer earlier on Sunday without stating its value.

The bid comes after the movie studio secured a $20 million cash infusion from the sale of the children’s movie “Paddington 2” last week to Warner Brothers Pictures, a unit of Time Warner Inc (TWX.N). The Weinstein Co’s co-chairman Harvey Weinstein stepped down last month following sexual assault allegations.

The proceeds from the “Paddington 2” sale enable The Weinstein Co to continue to operate until January, the source said. Investment firm Fortress Investment Group LLC (FIG.N) was considering lending to the film and TV studio, but those talks ended without a deal earlier this month.

More than 20 other potential bidders are analyzing The Weinstein Co’s financial data, the source said. The studio has $375 million in debt, including a $45 million loan from AI International Holdings Limited, an affiliate of billionaire Len Blavatnik’s industrial group Access Industries, the person said. Much of the debt is backed by the company’s film and TV assets.

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