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Endemol Shine Turkey files for insolvency

MUMBAI: Endemol Shine Turkey, a division of television format creator and distributor Endemol Shine Group which is co-owned by 21st Century Fox and Apollo Global Management, has filed for insolvency.

“Since discovering serious issues around the local management of Endemol Shine Turkey, we have undertaken a comprehensive analysis of the business in Istanbul, managed by independent financial consultants over a number of weeks. Having now completed this process, it is clear that in spite of every effort being made to find an alternative solution, the only viable option is to file for insolvency in Turkey.

“We are continuing to work with Endemol Shine Turkey’s creditors, with a view to minimizing the financial impact on those affected. Following court approval, the insolvency process will engage administrators with specialist local expertise, who are best placed to legally and prudently manage debts owed to creditors. This will include disbursement of ongoing distribution income from titles owned by Endemol Shine Turkey, which will contribute towards outstanding liabilities,” Endemol Shine Group said in a statement.

Last month, Endemol Shine had sacked Turkish CEO GokanTatarer and chief commercial officer Hakan Eren.