Ten's second biggest shareholder Gina Rinehart has until this afternoon to decide whether she will commit to Ten's $230 million capital raising.
The company's other major shareholders – WIN owner Bruce Gordon with 15%, Ten chairman Lachlan Murdoch with 9% and casino giant James Packer with 9% - have all agreed to the initiative, signing up for $75 million in new equity.
However, Rinehart has so far held off from agreeing to take part. A report in The Australian has suggested she has until 4pmn this afternoon to make a decision.
The capital raising initiative – Ten's second in six months – will primarily be used to pay down debt.
Murdoch has admitted the company's performance needs to improve, suggesting Ten's “poor execution” combined with a weak market had led to the need for the extra money.
The Australian Financial Review has reported that Murdoch would not rule out a further capital raising.
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.
Have something to say? Send us your comments using the form below or contact the writer at email@example.com