Nine reaches deal with financial backers to avoid receivership

In a statement headlined ‘Nine is back’, Nine Entertainment Company has announced that it has reached a financial agreement with its backers to save it from receivership.

The announcement from the network:

The Nine Entertainment Co. (NEC) Group today reached a landmark agreement with representatives of its senior and mezzanine lenders for a restructuring of its financing arrangements.

NEC and its lenders intend to implement the restructure through schemes of arrangement to be implemented over the next 3 months.