ION Media plan confirmation order stayed, delaying emergence timetable

By Caroline Salls

Pittsburgh, Dec. 17 - ION Media Networks, Inc.'s plan confirmation approval has been stayed by the U.S. Court of Appeals for the Second Circuit, according to a Cyrus Capital Partners news release.

The stay delays ION's emergence from bankruptcy, which was expected to occur as early as Dec. 17, the release said.

However, creditor Cyrus appealed the plan confirmation ruling entered by the U.S. Bankruptcy Court for the Southern District of New York and requested the stay.

Cyrus challenged the bankruptcy court's decision to deny it the legal standing to object to ION's plan of reorganization.

The creditor's appeal is expected to be heard in January.

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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