Businesswoman Maria Contreras-Sweet had led a team that was poised to buy the struggling film production and distribution company.
However, the deal was reportedly terminated after it was found the firm's debt was $280m (£201.4m) rather than the $225m previously disclosed.
The company was co-founded by disgraced US movie mogul Harvey Weinstein.
Mr Weinstein is facing dozens of allegations of sexual abuse, including rape, but he denies non-consensual sex.
Last week, it was revealed the investor group led by Ms Contreras-Sweet - who led the US Small Business Administration under President Barack Obama - was set to pay $500m for the company's assets.
That figure included a $90m victims' compensation fund.
"After signing and entering into the confirmatory diligence phase, we have received disappointing information about the viability of completing this transaction," said Ms Contreras-Sweet.
Source: bbc
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