A former Obama administration official has reached a deal to purchase assets of The Weinstein Company and said she will use a majority-female board to rebuild the Hollywood studio tarnished by sexual misconduct allegations.

Former Small Business Administration chief Maria Contreras-Sweet plans to launch a new company, save about 150 jobs, protect the small companies that are owed money and create a victims’ compensation fund that will supplement existing insurance coverage for those who have been harmed, she said in a statement.

“This next step represents the best possible pathway to support victims and protect employees,” Contreras-Sweet said.

The Weinstein Company’s board of directors confirmed it had reached a deal with Contreras-Sweet and supermarket billionaire Ron Burkle.

The studio nearly went bankrupt after more than 70 women accused co-founder HarveyWeinstein, then one of Hollywood’s most influential men, of sexual misconduct including rape. Weinstein denies having non-consensual sex with anyone. The company last month was close to inking a deal for more than $500 million to be taken over by investors led by Contreras-Sweet and Burkle.

But New York Attorney General Eric Schneiderman upended the negotiations on February 11 by filing a suit against the Weinstein Company, Harvey Weinstein and his brother, Bob, alleging that Harvey Weinstein sexually harassed employees and the company failed to respond. The company early this week said it planned to file for bankruptcy.

On Thursday evening, Contreras-Sweet, the Weinstein Co and Schneiderman said they had worked together to bring about the deal. In a statement, Schneiderman said he had received commitments that a well-funded victims’ compensation fund would be created, that new policies would protect employees in the new company and that “bad actors” would not be unjustly rewarded.

He said he would ensure the final deal honoured the agreed terms and that the lawsuit would remain active in the meantime. A person familiar with the matter said the parties hammered out the deal in a conference room in Schneiderman’s office on Thursday evening. The compensation fund will be $80-90 million, the person said.