Court decision clears way for ION Media exchange offer to expire on July 27

By Lisa Kerner

Charlotte, N.C., July 23 - The Delaware Supreme Court refused to hear the appeal in the plaintiff's case against ION Media Networks, Inc. seeking to enjoin the exchange offer and consent solicitation launched June 8.

As a result, ION Media's exchange offer is cleared to expire as planned at midnight ET on July 27.

ION offered to exchange its 13.25% cumulative junior exchangeable preferred stock, currently accruing dividends at 14.25%, and its 9.75% series A convertible preferred stock for newly issued 11% series A mandatorily convertible senior subordinated notes due 2013 and, depending on participation levels in the exchange, either new 12% series A-1 mandatorily convertible preferred stock or 12% series B mandatorily convertible preferred stock.

The West Palm Beach, Fla., network television broadcast company said previously it believes the complaints are without merit.

© 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.