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Ion Eyes Debt-For-Equity Swap

Ion is in discussions with stakeholders and lenders about a debt-for-equity exchange that the broadcaster describes as "significant." Ion has hired financial advisor Moelis & Company and law firm Kirkland & Ellis to advise the company on a "comprehensive recapitalization of the company's balance sheet."

Ion says such a swap would "substantially de-lever the company's balance sheet" while giving it a cash investment to bankroll its growth plans, which include producing 12 original films a year.

"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/CEO Brandon Burgess. "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."