"We will continue to work tirelessly -- as we have for months -- to determine if there are any viable options outside of bankruptcy," the board said. "In the meantime, we continue to pursue an orderly bankruptcy process to maximize the company's value."
A representative for Harvey Weinstein did not immediately respond to a request for comment.
Contreras-Sweet, who headed the Small Business Administration under former President Barack Obama, last week said her investor group had reached an agreement, with help from the New York State Attorney General's office, to buy assets from The Weinstein Company to launch a new firm with a majority-female board.
Launched in October 2005, the studio produced and distributed critically acclaimed hits including "The King's Speech" and "Silver Linings Playbook," as well as TV series such as long-running fashion reality competition "Project Runway."
New York Attorney General Eric Schneiderman said at the time that he had received commitments that a well-funded victims compensation fund would be created, that new policies would protect employees, and that "bad actors" would not be unjustly rewarded.
"We'll be disappointed if the parties cannot work out their differences and close the deal," Amy Spitalnick, a spokeswoman for Schneiderman, said on Tuesday.
Schneiderman has filed a lawsuit against the company and brothers Bob and Harvey Weinstein, who co-founded the studio, alleging that Harvey Weinstein sexually harassed employees and the company failed to respond. The lawsuit remains active, Spitalnick said.
This article was provided by Reuters.