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 



Comments
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




Thursday 10:05 AM
NAB Requests Expedited Review of Spectrum Auction Lawsuit
“Broadcasters assigned to new channels following the auction could be forced to accept reductions in their coverage area and population served, with no practical remedy.” ~NAB


 
Featured Articles
Research & Standards
Discover TV Technology