Tinopolis has completed a major financial restructuring and recapitalization after being badly hit by the coronavirus crisis — but the move has reportedly angered producers who will stand to lose money after selling their business to the Hell’s Kitchen production group.
UK-headquartered Tinopolis announced the refinancing on Monday afternoon, which will involve a “significant” injection of cash from banks, institutional funders, and management. As part of the changes, a majority shareholding in Tinopolis will be sold to a new company, which will be owned by the investors.
Tinopolis added that a non-trading subsidiary, in which loan notes (a type of I Owe You) owned by current and former management are held, will be closed. This will wipe out tens of millions of pounds owed to the founders of companies who sold their production companies to Tinopolis.
Soon after Tinopolis announced the financial restructuring, the Financial Times published a deeply reported piece on the matter,...
UK-headquartered Tinopolis announced the refinancing on Monday afternoon, which will involve a “significant” injection of cash from banks, institutional funders, and management. As part of the changes, a majority shareholding in Tinopolis will be sold to a new company, which will be owned by the investors.
Tinopolis added that a non-trading subsidiary, in which loan notes (a type of I Owe You) owned by current and former management are held, will be closed. This will wipe out tens of millions of pounds owed to the founders of companies who sold their production companies to Tinopolis.
Soon after Tinopolis announced the financial restructuring, the Financial Times published a deeply reported piece on the matter,...
- 4/12/2021
- by Jake Kanter
- Deadline Film + TV
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