Seven months after filing for bankruptcy, Ion Media Networks has emerged from what it calls a "seamless restructuring process." The company eliminated $2.7 billion in legacy debt and preferred stock claims, and seeks to grow with funding from its new owners, the largest being Avenue Capital, Black Diamond Capital and Trilogy Capital.
Ion says it's received "all the necessary approvals" from the FCC for the ownership change.
"We are pleased about completing our financial restructuring so smoothly and appreciate the support of our stakeholders and employees," said Ion Chairman/CEO Brandon Burgess. "Emerging debt-free with $150 million in growth funding will allow us to further build our TV content brands, as well as develop the value of our digital spectrum and technology assets."
When it filed May 20, Ion was reported to have listed liabilities of more than $1 billion and assets of as much as $10 million.
Kirkland & Ellis LLP is the legal counsel to Ion and Moelis & Company LLC is financial advisor for the restructuring.
Michael Malone, senior content producer at B+C/Multichannel News, covers network programming, including entertainment, news and sports on broadcast, cable and streaming; and local broadcast television. He hosts the podcasts Busted Pilot, about what’s new in television, and Series Business, a chat with the creator of a new program, and writes the column “The Watchman.” He joined B+C in 2005. His journalism has also appeared in The New York Times, The Philadelphia Inquirer, Playboy and New York magazine.
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