Network Ten’s Creditors Score “Outstanding” Payout Following CBS Deal
The majority of Network Ten’s creditors are jumping for joy after receiving a dividend payout from the free-to-air broadcaster as part of its takeover deal with US studio CBS.
Ten’s former administrator, KordaMentha Restructuring, announced yesterday that most of the broadcaster’s creditors had received payments of 100 cents in the dollar under a dividend distribution.
Financial, statutory and other creditors have been paid a first dividend of 45 cents in the dollar, with an estimated final dividend of 21 cents to be paid before June 2018.
Fox will receive a fixed payment of $12 million.
KordaMentha CEO Mark Korda described the outcome for everyone involved in Ten as “outstanding under the circumstances”.
“The network has a strong and stable new owner, a talented leadership team and a loyal, creative staff whose support was critical to the successful restructure,” he said.
“The viewers, advertisers, content partners and suppliers also helped the network get through a challenging period, and most of the creditors are now getting all their money back.”
Following a successful recapitalisation process which resulted in CBS taking control of Ten, the broadcaster’s administration was finalised in November 2017, and CBS provided over $40 million to fund a dividend to creditors.
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