Exclusive: Hell’s Kitchen studio Tinopolis may be hit with a class-action-style lawsuit and other backlash after an incandescent group of former producers were left out of pocket to the tune of £50 million ($70 million) as a result of a controversial financial restructuring.
Tinopolis is one of Britain’s largest production groups, owning 16 companies in the UK and U.S. including A. Smith & Co. Productions, which makes Hell’s Kitchen and Ninja Warrior, and Premier League soccer producer Sunset+Vine. But Tinopolis said it was hit hard by the coronavirus pandemic, during which revenue was dented by canceled sports events and “severe” filming restrictions in California, where it makes shows like the Rob Lowe-fronted Mental Samurai for Fox.
Tinopolis executive chairman Ron Jones launched a rescue mission that culminated in a complex financial restructuring last week. But the maneuver has stoked fury among around 15 producers who were once part of the group.
Tinopolis is one of Britain’s largest production groups, owning 16 companies in the UK and U.S. including A. Smith & Co. Productions, which makes Hell’s Kitchen and Ninja Warrior, and Premier League soccer producer Sunset+Vine. But Tinopolis said it was hit hard by the coronavirus pandemic, during which revenue was dented by canceled sports events and “severe” filming restrictions in California, where it makes shows like the Rob Lowe-fronted Mental Samurai for Fox.
Tinopolis executive chairman Ron Jones launched a rescue mission that culminated in a complex financial restructuring last week. But the maneuver has stoked fury among around 15 producers who were once part of the group.
- 4/22/2021
- by Jake Kanter
- Deadline Film + TV
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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