Big Brother producer Endemol has announced a “significant step” towards financial restructuring. The Dutch TV giant was given an extension to restructure its $3.7 billion debt in December and today says agreements in principle have been reached with two-thrids of lenders. Late last year, Time Warner made an unsolicited $1.4 billion bid for the company, but Endemol put the offer on hold. Endemol spokesman Charlie Gardner tells me the focus for now is on a successful restructure and that Endemol has “a bright future as an independent company.” Still, it would not be surprising if suitors start sniffing around again once the debt issue is sorted. The official Endemol press release is below:
Endemol Group, a world leader in entertainment programming, announced today that its discussions with the Group’s lenders have reached an important milestone. A significant majority, representing more than two-thirds of lenders, have reached agreement in principle regarding a restructuring of the Group’s capital structure.
In the coming weeks, the Company and its lenders will continue discussions and work towards finalising documents for the legal implementation of a successful restructuring. (more…)