Ion Discussing Recapitalization
Hires Advisers For Possible Debt-For-Equity Swap
Mike Farrell -- Multichannel News, 4/15/2009 12:48:13 PM
Ion Media Networks said Wednesday that it is in discussions with lenders and debt holders concerning a possible recapitalization.
According to a statement, Ion has hired financial adviser Moelis & Co. and law firm Kirkland & Ellis to advise the company in the recapitalization, which could include a debt-for-equity swap.
According to Ion, the debt for equity exchange would substantially reduce its leverage and would include a new cash investment to advance its long-term growth plans.
"Our board, management and advisors are focused on the benefits of reducing the company's legacy debt structure and funding its long-term growth potential," said Ion chairman and CEO Brandon Burgess in a statement. "We are encouraged by the receptivity and support from key stakeholders to the idea of restoring our balance sheet to maximize the potential of our unique nationwide TV network and spectrum assets."
Ion said its service will remain uninterrupted throughout the process. The company reaches more than 94 million homes across the country through its 60 television stations and its national network
This would be the second restructuring for the company in almost two years. In 2007, Ion accepted a tender offer from NBC Universal and Citadel Investment Group that pumped $100 million into its coffers and took the once-public company private.
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