Ten creditors’ meeting to be delayed following court action
Network Ten’s administrators have postponed the planned second creditors meeting following an application made in the Supreme Court of New South Wales by Bruce Gordon’s Birketu, WIN Corporation, and WIN CEO, Andrew Lancaster.
Administrator Korda Mentha informed creditors this morning the second meeting would not be held until “certain steps” had been taken.
WIN Corporation, Ten’s regional affiliate network owned by Gordon, took the matter to court earlier this week, requesting for relief after the creditors report was released.
The company said it had not been provided with enough time or information to assess the bid before September 12.
According to the Australian Financial Review, Fox, Lachlan Murdoch, and Gordon wrote to Korda Mentha on Tuesday, arguing the creditors report was missing crucial information.
The report, included details saying Network Ten would pay just $3.4m to 21st Century Fox, unless a new content agreement was negotiated.
Earlier this week, Korda Mentha confirmed CBS would provide a loan of approximately $142.7m to refinance the debt of the company, and shareholder guarantor fees to Murdoch, Gordon, and James Packer.
It was revealed CBS would buy Network Ten last week, two months after the network went into administration.
The network went into administration following correspondence from Illyria and Birketu (Murdoch and Gordon’s respective investment vehicles), forced the network’s hand following a $232.2m loss reported in its half-year results in April.
According to the announcement, the next creditors meeting is proposed for September 19.
