Endemol Shine Group has filed for insolvency of its Turkish operation following a probe into its Istanbul-based office.
“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,” the company said in statement, released July 7.
In early June, Endemol Shine fired Turkish CEO, Gokan Tatarer, and chief commercial officer Hakan Eren (pictured) and launched a formal review of operations after finding “serious issues” with local management.
That review is now wrapped, resulting in the decision to shut operations, according to the company. Following court approval, the insolvency process will seek to legally 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,” the company statement concludes.