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Tinopolis Completes Major Financial Restructuring, Wiping Out Money Owed To Producers Linked To The ‘Hell’s Kitchen’ Group
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deadline.comTinopolis 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.
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