Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More

Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

TV3 owner to be put into receivership today

TV3 owner to be put into receivership today

By Paul McBeth

June 17 (BusinessDesk) - MediaWorks New Zealand, the broadcaster whose stable includes TV3 and Four, and radio stations including Radio Live, the Rock and MoreFM, is expected to be put into receivership today after a planned recapitalisation failed to win over its lenders.

It is understood KordaMentha will run the receivership as part of a restructuring plan to switch assets into a new entity, write down the company’s debt, and allow the broadcaster to continue operating.

The Auckland-based broadcaster has been looking at ways to reduce its debt burden after Australian private equity firm Ironbridge Capital bought CanWest’s 70 percent stake in 2007 for some $741 million.

MediaWorks’ holding company, GR Media Holdings, wrote down the value of goodwill by $241.6 million in a capital restructure last year that brought in US private equity investor Oaktree Capital Management holding a chunk of its debt.

That restructure was to see MediaWorks shuffled into a new holding company for a second time, a write down in the value of its existing debt, new finance facilities provided and lending covenant terms established.

The media company’s lenders didn’t pursue some $266.7 million owed by the previous holding company, HT Media Holdings, after agreeing to a restructure that gave them equity in the broadcaster, according to the company’s first liquidator’s report.

(BusinessDesk)

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Business Headlines | Sci-Tech Headlines

 
GenPro: General Practices Begin Issuing Clause 14 Notices

GenPro has been copied into a rising number of Clause 14 notices issued since the NZNO lodged its Primary Practice Pay Equity Claim against General Practice employers in December 2023.More

SPADA: Screen Industry Unites For Streaming Platform Regulation & Intellectual Property Protections

In an unprecedented international collaboration, representatives of screen producing organisations from around the world have released a joint statement.More

 
 
 
 
 
 
 
 
 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.