Nine Moves Into Debt Restructure

AUSTRALIA’S Nine Entertainment Co. has reached a debt restructure agreement that will wipe its debt slate clean and allow it to pursue digital opportunities. Investment bank Goldman Sachs and US hedge funds Apollo and Oaktree agreed in principal to swap debt positions for equity in a restructured Nine.

Oaktree and Apollo, which have $2.3 billion outstanding with Nine, will get 95.5 per cent equity in Nine, while Goldman Sachs accepted a 4.5% stake. Nine’s assets include Nine Network Australia, NBN Television, Australian News Channel and a 50% stake in Mi9, a digital venture with Microsoft.

www.theaustralian.com.au