ION Media creditor seeks stay of confirmation order pending appeal

By Caroline Salls

Pittsburgh, Dec. 3 - ION Media Networks, Inc. creditor Cyrus Select Opportunities Master Fund, Ltd. has asked the U.S. Bankruptcy Court for the Southern District of New York to stay the confirmation of the company's plan of reorganization pending the outcome of Cyrus' appeal, according to a Thursday court filing.

The plan was confirmed on Dec. 3.

According to the motion, the plan confirmation order allows for cancellation of $47 million of valid claims held by Cyrus and renders an ongoing lawsuit between Cyrus, ION and some of its other lenders entirely moot.

If the confirmation order is not stayed, Cyrus said the stay plan will take effect on Dec. 13.

ION is a West Palm Beach, Fla.-based television broadcaster. The company filed for bankruptcy on May 19, 2009. Its Chapter 11 case number is 09-13125.

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