Endemol Agrees With Lenders to Restructure $2.6 Billion in Debt
Endemol NV (EML), the Dutch producer of the “Big Brother” TV shows, said a majority representing more than two-thirds of its lenders have agreed “in principle” on restructuring about 2 billion euros ($2.6 billion) in debt.
“Without the constraints of an onerous capital structure, we will be able to pursue exciting growth initiatives,” President Marco Bassetti and Chief Financial Officer Just Spee said in a statement today.
The company will continue talks in coming weeks to finalize documents for the restructuring, Endemol said. Charlie Gardner, an Endemol spokesman, declined to elaborate.
Endemol last month received a $1.3 billion all-cash offer from Time Warner Inc. (TWX) It was taken over in 2007 by Mediaset Espana Comunicacion SA (TL5), Cyrte Fund II BV, Mediaset SpA (MS) and Goldman Sachs Group Inc. (GS)
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