Hawkpoint, the independent investment bank, is advising bondholders on the restructuring of a convertible bond from EM.TV & Merchandising which once had a stake in Formula One racing and the Jim Henson Company, the creator of The Muppets.

Bondholder agreement will free the German media company, one of the few on the now defunct Neuer Markt to sell an equity-linked issue, to re-start life.