05.22.2009 01:25 PM
Court Cuts Loose $25 Million for ION’s Operations

WEST PALM BEACH, FLA.: The U.S. Bankruptcy Court for the Southern District of New York approved ION Media’s first-day requests, including access to $25 million brokered in its Chapter 11 reorganization plan. ION said the court approved its continued use of cash on hand in addition to the portion of reorg funds.

The company also confirmed that it’s in active discussions to acquire further content for the 2009-10 television season, including off-network syndicated fare as well as original content. ION anticipates making programming announcements in the coming weeks.

The company filed for bankruptcy this week after reaching a restructuring agreement with investors who held 60 percent of the company’s first-lien senior secured debt. The group signed for a new $150 million funding commitment, of which the $25 million was a part, to recapitalize ION. The company’s $2.7 billion debt also was eliminated in the arrangement. -- Deborah D. McAdams 

Post New Comment
If you are already a member, or would like to receive email alerts as new comments are
made, please login or register.

Enter the code shown above:

(Note: If you cannot read the numbers in the above
image, reload the page to generate a new one.)

No Comments Found

Tuesday 03:07 PM
WMUR-TV Says FAA Drone Rules Preclude ENG
The FAA’s current rules and proposed ban on flight over people, requirement of visual line of sight and restriction on nighttime flying, effectively prohibit broadcasters from using UAS for newsgathering. ~ WMUR-TV General Manager Jeff Bartlett

D. Pagan Communications /   Friday 10:35 AM
Blue Line is Hot on the Trail of DPA Microphones
Clyne Media, Inc /   Thursday 09:51 PM
Focusrite Expands RedNet Range

Featured Articles
Discover TV Technology