ION Media requests precautionary four-month exclusivity extension

By Jennifer Lanning Drey

Portland, Ore., Nov. 25 - ION Media Networks, Inc. requested a four-month extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

ION wants to extend the exclusive plan-filing period to April 14 from Dec. 15 and the solicitation period by 120 days to June 14, 2010.

The company said the request was being made out of "an abundance of caution" because its plan of reorganization has not been formally confirmed. ION said the court has indicated it will confirm the plan, but a formal order has not yet been filed.

The company said it stands ready to consummate the plan as soon as reasonably practical following the entry of a confirmation order.

However, ION also noted that Cyrus Select Opportunities Master Fund, Ltd. has indicated it intends to appeal a confirmation order.

A hearing is scheduled for Dec. 9.

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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