Endemol Debt Taken On, Converted Into Shares by Apollo
(Corrects name of Apollo, starting in first paragraph of story published on March 23.)
Apollo Global Management and Cyrte Fund II BV agreed to take on the majority of Endemol NV (EML) debt held by other creditors and become the Dutch TV producer’s biggest shareholders as they’ll convert the loans into shares.
Endemol shareholders Mediaset SpA (MS) and Goldman Sachs Group Inc. (GS) will continue to be “small participants,” Eric Bosman, a spokesman for Cyrte shareholder Delta Lloyd NV (DL), confirmed Cyrte Managing Director Frank Botman as saying in an interview with Dutch newspaper NRC Handelsblad today.
Endemol, which produces the “Big Brother” TV shows, said in January a majority representing more than two-thirds of its lenders had agreed “in principle” on restructuring about 2 billion euros ($2.7 billion) in debt. Charlie Gardner, an Endemol spokesman, didn’t immediately return a phone call seeking comment.
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