Endemol Creditor Barclays Rejects Debt Plan, Il Sole Reports

Endemol NV (EML) creditor Barclays Plc (BARC) rejected the company’s debt reorganization plan because it breaches existing financing agreements, Il Sole 24 Ore reported, without saying where it got the information.

Under the proposal, the lender would receive a stake of about 18 percent in the Dutch producer of “Big Brother” in a debt-for-equity swap, the Milan-based newspaper said. The bank wants a cash payment instead, it said.

Barclays may take the case to a U.K. court, according to Il Sole.

“Endemol and the overwhelming majority of its lenders are continuing to move forward and remain on track toward the successful implementation of the financial restructuring,” Charlie Gardner, a spokesman for Endemol, said in an e-mailed response to questions sent by Bloomberg today. Daniel Hunter, a spokesman for Barclays, declined to comment when contacted by phone.

To contact the reporter on this story: Elisa Martinuzzi in Milan at emartinuzzi@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net

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