The creator of the BBC is Tinopolis Question time And Netflix’s It’s the nail, Is battling with the creators of many of its biggest hits since the restructuring, which owed several million pounds after leaving the group with assets.
A purchase spray from Tinopolis, which includes the show Hales Kitchen, American Ninja Warrior And BT Sport’s English Premier League programs transformed it into the largest standalone factual television producer in the United States and the United Kingdom market.
Many of its hits were made by producers whose businesses Tinopolis acquired in a combination of cash, equity and loan notes.
Six of those speaking to the Financial Times said they were blinded when they were presented with the restructuring plan last month, without warning that the company was in financial trouble.
The restructuring has angered some loan holders – a type of IOU that charges interest until redeemed on a recognized date – who now stand in Tinopolis for a substantial collection from the sale of their business.
The Tinopolis directors, citing a liquid from Buchler Phillips, told a zoom on March 2 that they were tying up the loan note to the company that owned it. In parallel, shares of 95% of the group’s trading entities were transferred to a new management-owned company.
Management argued that the broad group of 13 production companies, including Mentorn, Sunset + Vine and A Smith & Co Productions, needed to be restructured to ensure that the epidemic wreaked havoc on the industry.
Creditors complained that they were not given enough time to find a bidder to offer a better offer for the property, but failed to collect votes to stop the restructuring. Several said they consulted with lawyers but were not sure what assurances they had
“We were open to negotiations but they must feel that they are under the law to lose us. “They don’t want to carry us,” said Sally Miles, who owns just over ২ 2 million in loan notes after selling Passion distribution to Tinopolis.
Echoes Stuart Carter, co-founder of Pioneer Productions, “It’s just hateful”, who also held more than 2 million notes. “Everyone knows you’re being given a bit of paper and they may not be right for your opinion. However, it is not right to get zero points in 45 percent of my company
Dan Cutforth and Jane Lipzits, who sold Magical Elv to Tinopolis and left in 2019, could lose up to 25 25 million. Arthur Smith, chair of Tinopolis USA, had the same amount.
Ron Jones, founder and chairman of Tinopolis, and Aol Rees, chief executive, will continue the business, raising about m 10 million in new debt and making a “significant” but undisclosed investment in the group. Jones, Reese and Smith own more than 50 percent of Tinopolis through a new holding company founded with a combined capital of about £ 300,000.
Jones told FT: “To be absolutely strict, loan holders, including management, are out of money as there is no value left in the trading group. Loan notes and equity were completely under the bank. Anything that goes to loan holders is a bonus. ”
Tinopolis issued approximately m 100 million notes to management as well as producers who sold their companies to their companies.
“We’ve sold hundreds of companies in this area and it hasn’t happened anywhere else,” said Thomas Dey, founder of ACF Investment Bank, about the producers’ many deals with Tinopolis.
Jones told staff Friday that measures were needed to recover from the “darkness” of the epidemic and its financial impact, according to a message seen by the FT.
“All of our bank and institutional investors have significantly committed to investing in new funds so that we have the cash to recover operations at the pre-epidemic level,” he told staff. “As part of the refinancing we needed to change the capital structure and unfortunately a non-trading group company, where current and formerly owned proprietary loan notes needed to be closed.”
Founded in 1990 and headquartered in Linnaeus, Tinopolis was listed in London in 2005, three years after it was privatized for চুক্ত 4.7.m million in a contract with a private equity firm called Vitruvian Partners.
Jones and his management bought the company again in 2013 for an undisclosed amount. A restructuring at that time pushed towards the time when Tinopolis to return the notes from 2018 to 2025, lowering interest rates on the notes and forcing many equities. Holders can sell their stock for a nominal amount.
The group’s latest accounts show a pre-tax profit of £ 222 million and tax ৮ 1.6 million for September 2012. The company boasted at the time that it was a “consistently cash generator” and was “well-established” to leave in 2020, with a high percentage of its budgeted sales already protected by the deal.
According to the management, however, Tinopolis failed to fight for the payment of veteran donors, including HSBC and BlackRock, due to rising costs and production shutdowns during the epidemic. Management has decided that FTI Consulting has set a lower price than the bank debt of the consulting firm, which stands at about ৫ 135 million.
Under the plan, the directors voluntarily offered to remove the subsidiary holding the loan notes, and 95 percent of the shares held in the production companies at the time of sale to a new management-owned company. Management has also offered liquidity for a 5 per cent stake in a subsidiary holding a management loan.
Leaving the restructuring in place, Jones told staff that the company was “preliminary for recovery.” “The damage done by Kovid has been significant and recovery will not be easy. However, our underlying business has become resilient, ”he said.
Mark Soldinger, who received ৮ 2.8 million after selling Firecracker film to Tinopolis, said it provided a “shocking” warning story for producers considering selling it in super-indies. “We owe a lot of money and we are extremely dissatisfied,” he told FT.