Nine Entertainment Co's lenders have officially approved a $3.4 billion restructure of the company which will see ownership of the media giant transferred from CVC Asia-Pacific.
After a short meeting held in Sydney yesterday, Nine's lenders have agreed to the media company's $3.4 billion recapitalisation, according to reports.
As a result, Nine's ownership will move from CVC Asia-Pacific to Apollo Global Management and Oaktree Capital Management.
The deal will still need to go back to the Federal Court on 29 January for final approval.
The company's creditors will need to rapidly implement the restructure, because Nine's $2.3 billion in senior debt has a repayment deadline of 7 February.
It is widely expected that Nine will be floated on the stock market within the next year and a half.
Meanwhile, the company has floated a new nine-person board structure which would include previous treasurer Peter Costello and former Fox executive David Haslingden, as well as Publicis Mojo chief executive Joe Pollard and former Southern Star chief Hugh Marks.
Earlier in January, experts told AdNews a board overhaul was necessary if the company wanted to go public.
Cox Media principal Peter Cox said: “They had to get rid of the old board, there needs to be a change. The last board was totally inappropriate.”
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