February 26, 2009 / 8:17 AM / in 9 years

Entertainment Rights in advanced talks with bidders

(Reuters) - Children’s television producer Entertainment Rights Plc said it was in advanced talks with bidders for the sale of its units or business and assets.

“The offers received are at a level which would be acceptable to the board and to the group’s lender, but at which there is no prospect of recovering all of the outstanding debt,” Entertainment Rights said in a statement.

It is now clear that neither a sale nor the alternative of a bank supported restructuring would result in any value being attributed to the company’s ordinary shares, it said.

The company, which owns characters like “He-Man,” “Casper The Friendly Ghost” and “Postman Pat,” said it had neither received any offer nor it was in talks with any party for the sale of its ordinary shares.

The company was no longer in an offer period, it said.

Entertainment Rights also said lenders have extended their short-term funding and had indicated their plan to continue to support the company after February 28 to complete a sale or restructuring.

Shares of the company closed at 0.55 pence Wednesday on London Stock Exchange.

Reporting by Purwa Naveen Raman in Bangalore; Editing by Gopakumar Warrier and Erica Billingham

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