Endemol Advances in Debt Restructuring

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LONDON: More than two-thirds of Endemol’s lenders have reached an agreement in principal regarding the restructuring of the group’s debt burden.

This represents a "significant majority" of its lenders. Discussions will continue in the weeks ahead. The company reports that it outperformed its internal budgets last year with gains of around 10 percent. It attributes the performance to growth in emerging markets, an expansion in the scripted arena and the continued rollout of formats such as The Money Drop and Big Brother.

Marco Bassetti, the global president, and Just Spee, the chief financial officer, commented: “We are delighted that the majority of our lenders have in principle agreed to the proposed commercial restructuring terms and we can now enter into the final part of the process. A solution that puts Endemol on a strong financial footing for the future is now imminent.

"Without the constraints of an onerous capital structure, we will be able to pursue exciting growth initiatives and build upon the solid progress that the Group has made in 2011 as we focus on and develop the creative strategy which lies at the heart of our business."