'Hell on Wheels' maker Endemol makes progress on financial restructuring
Dutch-based Endemol, which primarily makes game shows and reality programs like NBC's "Fear Factor" and ABC's "Wipe Out," and the AMC drama "Hell on Wheels" (pictured above), said more than two-thirds of its creditors have struck an agreement in principle regarding the company's capital structure. The company has been struggling under a debt load of $2.75 billion.
“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," Endemol Global President Marco Bassetti and Chief Financial Officer Just Spee said in a statement.
The news that the creditors are on the same page may put a damper on Time Warner Inc.'s hopes of acquiring Endemol. Last November, Time Warner made an unsolicited bid of about $1.4 billion for the company. Endemol has said all along that it is more interested in fixing its books than in selling the company.
-- Joe Flint
Photo: Endemol's "Hell on Wheels," which airs on AMC. Credit: Chris Large / AMC