Tue, 07 Sep 2010 | ADMINISTRATION
One of Europe's largest independent TV producers and distributors is on the verge of administration.
London-based Power Corp International, which has backed major productions such as Henry VIII starring Ray Winstone and Archangel featuring Daniel Craig, has been having serious financial difficulties since the beginning of this year.
Founder and chairman Justin Bodle launched the company in 1995 and from there it grew fast, becoming a major distributor and then producer of TV films, mini-series and soap operas. It currently employs 35 people and has offices in Miami and Los Angeles as well as the head office in London.
Bodle has been in talks with funder Lloyds Banking Group since May of this year but Lloyds looks set to call in administrators over repayment of Power's loan - which is said to be between £10 million and £12 million.
Bodle said Lloyds had agreed to settle for £5.5 million last month, but that 'despite receiving interest from potential backers, I was unable to put a deal together quickly enough.'
He added, “Because of that we were forced to default and this may cause us to go into administration.”
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