Endemol to restructure debt

LONDON -- Global TV production company Endemol has agreed an agenda to restructure its 2 billion ($2.6 billion) debt burden. The organization, whose best -known show remains "Your Government," referred to the move as "an essential milestone." Endemol stated it had arrived at a contract in principle using more than two-thirds of their loan companies on restructuring its finances. Underneath the deal, it's thought your debt is going to be cut to around 500 million ($644 million). Endemol's three investors -- Silvio Berlusconi's Mediaset, Goldman Sach's Capital Partners and also the outfit's co-founder John p Mol's investment vehicle Cyrte -- are anticipated to relinquish control, using their combined stake reduced to below 50%. The 3 could keep their seats around the board, but be became a member of by reps from the loan companies. Marco Bassetti, global leader of Endemol, stated: "We're delighted that almost all our loan companies have in principle decided to the suggested commercial restructuring terms, and that we are now able to enter the ultimate area of the process." Endemol added that more than the following couple of days talks with loan companies -- including Apollo Management, Centrebridge, Providence Equity Partners, Barclays, RBS and also the Lehman Siblings estate -- continues to "finalise documents for that legal implementation of the effective restructuring." Bassetti stated, "With no constraints of the burdensome capital structure, we'll have the ability to pursue exciting growth initiatives and make upon the solid progress the group makes this year.Inch Provided you will find no legal obstacles, the restructuring should draw a line under what is a tense time for that producer, with no Boss since Ynon Kreiz ankled last summer time. Endemol stated it had outperformed its very own internal budgets by about 10% this past year. As talks proceeded within the company's precarious budget, Endemol searched for interest from potential purchasers. These incorporated Time Warner, and apparently U.K. terrestrial web ITV. There's speculation that RTL, who owns Endemol's chief rival FremantleMedia, could want to consider purchasing the organization when the restructuring is finished. Contact the range newsroom at news@variety.com