Banks extend EM.TV's "Junior loan" repayment term to end of May 2003

[BoyRaisin2]

From EM.TV's website:


EM.TV & Merchandising AG agreed with its consortium banks regarding further partial repayment of the so-called "Junior loan." According to this agreement EM.TV will pay EUR 12.5 million, or half of the residual debt of EUR 25 million. The banks have decided to extend the term of the remaining EUR 12.5 million until the end of May 2003. The residual debt will be extended by an additional two months if an agreement concerning the sale of the US subsidiary The Jim Henson Company has been signed by the end of May 2003. EM.TV is currently in final stages of negotiations concerning the sale of The Jim Henson Company.

 

[Muppets1985]

..End of May....what the END OF MAY!!! OMG!!! OMG i'm sooo mad next thing u know it will be June 2003, then July 2003, etc, ect... ...Come on Eisner buy them All ready man!!!! lol ok im better now...

 

[Phillip]

Thanks for the info Kenny. The drama goes on and on and on...

 

[BoyRaisin2]

and on.

Gees, I wake up early for a change seeing if there's an announcement and I get this.

What's interesting is that in other EM.TV press releases at the site, they always mention "several interested parties" and things like that. Now it says it's in final stages of negotiations to sell Henson. Question is: with whom? With, whom?

 

[Fozzie Bear]

EM.TV isn't in negotiations; they're just saying that to get a 'stay of execution' on their pay-offs.

Heck, at this point it'd be better for the banks to own JHC.

If this leaves the remaining 12.5 then that reduces the price of purchase of the JHC, right?

I'm tellin' ya--everybody missed out. 250,000 of us at $600 each could have owned this company.

I think, but I"m horrible at math.

 

[Jrobert]

Final Stages of JHC Sale

Okay, great article and exciting news that the JHC will finally get sold and more than likely the new owner will do more with them than EM.TV.

My question to Phil or anyone: Is the sale reaching completion with Disney? The article doesn't state ANYONE but I assume when they reach these "final" stages that they are in pursuit from one buyer correct?

Kind of nice to know when things are actually happening huh?

 

[Luke]

Actually technically this doesn't mean anything new - they have been in the 'final stages of negotiation' for many months, since all the most solid bidders signed letters of intent and things. Of course they could well now have one main bidder who they are wrapping up the sale with but it doesn't mean that. The most interesting line is actually :- "The residual debt will be extended by an additional two months if an agreement concerning the sale of the US subsidiary The Jim Henson Company has been signed by the end of May 2003." which basically means that if EMTV do sign something with someone they'll be given two months to get the cash (or 12.5 million of it) so i would guess that the Jim Henson Company will not be officially sold until the end of July 2003 although we may hear details of what will happen before then.

I'm sure they have plans to sell the company but it's interesting they are getting so much time to pay back the loan - a few more months and they could probably repay it all without even selling the Henson Company if they wanted to keep it.

 

[BoyRaisin2]

Yes! Kenny submitted a headline. I feel important now.

Originally posted by Luke
I'm sure they have plans to sell the company but it's interesting they are getting so much time to pay back the loan - a few more months and they could probably repay it all without even selling the Henson Company if they wanted to keep it.

I would not be surprised. I would not be surprised by that at all.

 

[sarah_yzma]

yeah i don't think this really means anything at all...just to tide us off a few more months...or years

Sarah

 

[Zack the Dog]

Hi Luke,

Can you explain why EMTV hasn't gone bankrupt and thrown out on the street yet? The deadline keeps getting pushed back and back, like...there's no such thing as a deadline! You would think time as past so much that the Muppets would be no more due to the company going belly up because they can't pay yet.

If Disney is going to buy the Muppets, buy them! It seems like Eisner is just in his office spining around on his chair chewing on a mickey mouse pencil! That's seems to be all he is doing now. It seems to be what everyone is doing and hardly anyone is EVER up for comments or can't be reached!

Zack)Rowlf the, heck i'll like the EMTV company to just go belly up! at least something would be happening then and hopefuly someone could swoop up and save the muppets!Dog.