Harvey Weinstein. Photo credit: Shutterstock.com

A Delaware bankruptcy judge on Tuesday approved the $310 million sale of The Weinstein Co.'s television and film assets to Dallas-based Lantern Capital Partners.

U.S. Bankruptcy Judge Mary F. Walrath of the District of Delaware said she would sign off on the agreement during a scheduled hearing in Wilmington, allowing the embattled studio to emerge from bankruptcy under new leadership.

The development, however, was the latest blow to women who had hoped to recover against the company for abuses suffered at the hands of company co-founder Harvey Weinstein, who has been accused of sexual misconduct by dozens of women.

Lantern, a private equity firm, emerged as The Weinstein Co.'s likely buyer last week, after other potential acquirers balked during a court-ordered bidding process.

Lantern, whose cash offer also included the assumption of some of the studio's debt, was considered the front-runner to scoop up The Weinstein Co.'s assets when the studio filed for Chapter 11 protection in March. The agreement, however, was subject to better offers and required Walrath's signature.

On May 1, The Weinstein Co.'s Richards, Layton & Finger and Cravath, Swaine & Moore attorneys said that no other bidders had topped Lantern's offer, and a planned auction—which had been scheduled for May 4—was canceled.

The proceeds from the sale will be used to pay back at least $345 million in secured debt The Weinstein Co. owes to banks and other financial institutions that had lent the studio money.

It is not yet clear whether Harvey Weinstein's accusers will receive any funds from the sale. Typically, people with legal claims against a bankrupt company are given lower priority than the firm's secured creditors, and experts have doubted whether there would be enough money at play for the women to recover in bankruptcy.

The accusers, however, are expected to pursue their claims individually against Harvey Weinstein and those associated with the studio.

The Weinstein Co. filed for Chapter 11 bankruptcy March 19, amid a national backlash over allegations that Harvey Weinstein had sexually abused and assaulted women in the entertainment industry for years. In court filings, the studio said it had lost 25 percent of its workforce and millions of dollars in production and distribution agreements since the scandal surfaced in October.

Harvey Weinstein has denied allegations of nonconsensual sex. He was fired from the company last October and was expelled from the Academy of Motion Picture Arts and Sciences in the wake of the scandal.

So far, more than 80 women have come forward to accuse Weinstein of sexual misconduct.

At least nine women have accused The Weinstein Co. in lawsuits of enabling Weinstein's alleged pattern of predatory behavior. Those lawsuits have been halted during the bankruptcy proceedings. Now that the sale has been approved, Lantern is free of any legal liability currently pending against the company.