Statement from Endemol Shine Group regarding Endemol Shine Turkey
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 on going distribution income from titles owned by Endemol Shine Turkey, which will contribute towards outstanding liabilities.