Nine debt restructure given approval
The Nine Entertainment Company has officially parted ways with owners of six years CVC Asia-Pacific, in as lenders agreed a $3.4bn share restructuring yesterday.
It means CVC, which bought the company six years ago, will lose out on $1.9bn in the deal, which will see US lenders Apollo and Oaktree take the leading stakes in the company.
Approval will now be sought from the Federal Court for the move on January 29, just a week before the senior debt on the company was set to mature.
The move also paves the way for the company to once again be floated on the stock market in the next 18 months, and the introduction of a new board, which could feature former Mi9 boss and current Publicis Mojo exec Joe Pollard, and former Federal treasurer Peter Costello.
It will be a boost for the network, which is looking for a strong ratings year after positive growth last year, as it negotiates with media agencies for higher ad rates.
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