ION Media plan to be confirmed in coming weeks, emergence to follow

By Caroline Salls

Pittsburgh, Nov. 13 - ION Media Networks, Inc. said the judge overseeing its Chapter 11 bankruptcy case plans to confirm the company's plan of reorganization and issue a written ruling and confirmation order in the coming weeks, according to a company news release.

ION said it expects to emerge from bankruptcy shortly after the confirmation ruling is entered.

"Today's ruling by the court in favor of ION on all issues necessary for confirmation of our plan is a major milestone," chairman and chief executive officer Brandon Burgess said in the release.

"This sets the stage for allowing ION's emergence from Chapter 11 as a competitive debt-free company with access to growth funding."

As previously reported, the plan extinguishes more than $2.7 billion in legacy debt and converts ION's $150 million debtor-in-possession loan into permanent equity capital to fund growth.

ION is a West Palm Beach, Fla.-based television broadcaster. The company filed for bankruptcy on May 19 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 09-13125.

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