Endemol Shine Turkey has filed for insolvency, following an investigation into the Istanbul-based office.
“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,” Endemol Shine Group said in a statement. “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.”
Last month, Endemol Shine fired Turkish CEO GokanTatarer and Chief Commercial Officer Hakan Eren after “serious issues” were discovered around the local management. The company appointed independent financial and legal consultants to carry out an analysis of all outstanding debts in the Turkish outfit and “to ensure the process of addressing these is carried out properly and fairly.”