Endemol NV, 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. It was taken over in 2007 by Mediaset Espana Comunicacion SA, Cyrte Fund II BV, Mediaset SpA and Goldman Sachs Group Inc.