ION Media proposed investor extends enhanced $250 million offer

By Caroline Salls

Pittsburgh, Nov. 16 - ION Media Networks Inc. proposed exit investor Cyrus Capital Partners has extended its enhanced $250 million offer to finance ION's exit from bankruptcy, according to a Cyrus news release.

Cyrus said its offer, which was "summarily rejected" by ION Networks' board, provides the company with $100 million of additional incremental capital not offered in the plan accepted by the board.

According to the release, "the extension will run until the bankruptcy court finally accepts or rejects the financially inferior offer now before the court."

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.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.